Abstract

The underlying physiological mechanisms of biases are not well understood. As such, we examine the impact of testosterone and cortisol levels on several commonplace investment biases using realistic trading simulations. Cortisol, the biological marker of stress, is positively related to the disposition effect and portfolio turnover, which is consistent with the relation between judgment errors and stress in social settings. Testosterone, the male hormone, is also positively related to portfolio turnover, which is consistent with androgen-driven behaviors. Overall, the results show that the endocrine system plays a significant role during financial decision-making, which has important consequences for the financial industry.

摘要

偏见的潜在生理机制尚不清楚。因此，我们使用真实的交易模拟来检查睾酮和皮质醇水平对几种常见投资偏差的影响。压力的生物标志物皮质醇与性格效应和投资组合周转呈正相关，这与社会环境中的判断错误和压力之间的关系是一致的。雄性激素睾酮也与投资组合周转率呈正相关，这与雄激素驱动的行为一致。总体而言，结果表明内分泌系统在财务决策中发挥着重要作用，对金融业具有重要影响。