Dynamics of stock market developments, financial behavior, and emotions

被引：5

作者：

Cordes, Henning ^{[1
]}

Nolte, Sven ^{[2
]}

Schneider, Judith C. ^{[3
]}

机构：

[1] Univ Munster, Finance Ctr, Munster, Germany

[2] Radboud Univ Nijmegen, Inst Management Res, Nijmegen, Netherlands

[3] Leibniz Univ Hannover, Inst Risk & Insurance, Hannover, Germany

来源：

JOURNAL OF BANKING & FINANCE | 2023年 / 154卷

关键词：

Emotional arousal; Investment behavior; Visualizations; COUNTERCYCLICAL RISK-AVERSION; MACROECONOMIC EXPERIENCES; DEPRESSION BABIES; ACTIVATION; ATTENTION; PATTERNS; AROUSAL; MOOD; PERFORMANCE; RETURNS;

D O I：

10.1016/j.jbankfin.2022.106711

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We explore in a series of incentivized experiments how stock market developments affect emotional arousal (proxied by pupil dilation, electrodermal activity, and heart rate variation), and how this emotional arousal affects investment behavior. Experiencing stock market downswings increases emotional arousal, while upswings do not trigger such an effect. The subsequent interplay between emotional arousal and investment behavior is by no means one-dimensional. The heightened level of emotional arousal after downswings reduces financial risk taking and thus the money put at stake, while the exposure to financial risks itself increases subsequent emotional arousal.& COPY; 2022 Elsevier B.V. All rights reserved.

引用

页数：12

共 84 条

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