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Fear and greed in financial markets : a clinical study of day-traders

Author: Andrew W Lo; Dmitry V Repin; Brett N Steenbarger; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11243.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"We investigate several possible links between psychological factors and trading performance in a sample of 80 anonymous day-traders. Using daily emotional-state surveys over a five-week period as well as personality inventory surveys, we construct measures of personality traits and emotional states for each subject and correlate these measures with daily normalized profits-and-losses records. We find that subjects  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew W Lo; Dmitry V Repin; Brett N Steenbarger; National Bureau of Economic Research.
OCLC Number: 58799307
Notes: March 2005.
Title from first page of PDF document.
Description: 1 online resource (24 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11243.
Responsibility: Andrew W. Lo, Dmitry V. Repin, Brett N. Steenbarger.

Abstract:

"We investigate several possible links between psychological factors and trading performance in a sample of 80 anonymous day-traders. Using daily emotional-state surveys over a five-week period as well as personality inventory surveys, we construct measures of personality traits and emotional states for each subject and correlate these measures with daily normalized profits-and-losses records. We find that subjects whose emotional reaction to monetary gains and losses was more intense on both the positive and negative side exhibited significantly worse trading performance. Psychological traits derived from a standardized personality inventory survey do not reveal any specific "trader personality profile", raising the possibility that trading skills may not necessarily be innate, and that different personality types may be able to perform trading functions equally well after proper instruction and practice"--National Bureau of Economic Research web site.

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