Review of Finance, Volume 22, Issue 1, February 2018

情绪状态和市场行为

作者：Adriana Breaban (Chapman University, USA),

Charles N Noussair(University of Arizona, USA)

摘要：我们考虑了交易者情绪和资产市场行为之间的关系。我们创建实验资产市场，该市场的结构是由Smith、Suchanek和Williams(1988)首先研究的，以产生价格泡沫和崩溃著称。为了实时跟踪交易者的情绪，我们用面部读写软件分析参与者在市场运行之前和正在运行的面部表情。我们发现，积极的情绪状态与购买和过度定价有关。害怕的情绪与卖出、低价和价格下降有关。实验证实了我们的直觉，即情绪和市场动态是密切相关的。

Emotional State and Market Behavior

Adriana Breaban (Chapman University, USA), Charles N Noussair(University of Arizona, USA)

ABSTRACT

We consider the relationship between trader emotions and asset market behavior. We create experimental asset markets with the structure first studied by Smith, Suchanek, and Williams (1988), which is known to generate price bubbles and crashes. To track traders’ emotions in real time, we analyze participants’ facial expressions with facereading software before and while the market is operating. We find that a positive emotional state correlates with purchases and overpricing. Fear correlates with selling, low prices, and price decreases. The experiment confirms the intuition that emotions and market dynamics are closely related.

原文链接：https://academic.oup.com/rof/article-abstract/22/1/279/3870423?redirectedFrom=fulltext

翻译：阙江静