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Emotional investors make better decisions
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Sometimes it's best not to keep your cool.
In fact, hot-headed stock investors make better decisions, a study in the Academy of Management Journal showed.
Adding emotions to the decision-making process can enhance creativity, engagement and decision efficiency, Myeong-Gu Seo of the University of Maryland and Lisa Feldman Barrett of Boston College wrote in a study published in the August/September issue.
The greater the average intensity of an individual's feelings, the higher their investment returns, the professors found. The study monitored 101 stock investors in a simulated trading exercise spanning four weeks.
"Contrary to the popular belief that the cooler head prevails, people with hot heads -- those who experienced their feelings with greater intensity during decision-making -- achieved higher decision-making performance," they wrote.
The conventional wisdom that emotions can make you irrational has less to do with how intense your feelings are than with how much you understand them, the study showed.
In other words, those investors who listened to their emotions were better able to regulate them.
But showing emotion on the trading floor is still a controversial subject.
"I'm no friend of emotion in trading," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey, who has been trading stocks for more than 25 years.
"It's much more important to be disciplined."
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(Agencies) |
頭腦不冷靜有時(shí)候未必是件壞事。
《管理學(xué)會(huì)期刊》的一項(xiàng)研究發(fā)現(xiàn)，實(shí)際上，感情用事的炒股人士往往能做出更好的決定。
美國(guó)馬里蘭大學(xué)的Myeong-Gu Seo和波士頓學(xué)院的莉莎?費(fèi)爾德曼?巴雷特在發(fā)表于《管理學(xué)會(huì)期刊》八、九月號(hào)的研究報(bào)告中指出，在決策過程中加入感情色彩可以提高創(chuàng)造力、參與度和決策效率。
兩位教授發(fā)現(xiàn)，一個(gè)人在做決定時(shí)的情感活動(dòng)越強(qiáng)烈，他的投資回報(bào)率就會(huì)越高。該研究對(duì)101位股票投資者進(jìn)行了為期四周的模擬交易監(jiān)控。
他們?cè)谘芯繄?bào)告中指出，“與‘頭腦越冷靜越好’的普遍看法恰好相反，那些頭腦容易發(fā)熱的人——也就是在決策過程中情感活動(dòng)較為強(qiáng)烈的人——能取得更大的回報(bào)。”
研究表明，“情感會(huì)讓人喪失理智”這個(gè)傳統(tǒng)的至理名言更多得是與個(gè)人對(duì)情感的理解能力有關(guān)，而不在于情感有多強(qiáng)烈。
換句話說，那些跟著感覺走的投資者“管理”自己情感的能力更強(qiáng)。
然而，在股市上是否應(yīng)該跟著感覺走仍是一個(gè)有爭(zhēng)議的話題。
新澤西州澤西市的騎士股權(quán)交易公司的主管彼德?肯尼表示“我炒股從不會(huì)感情用事”，他的炒股生涯已超過25年。
“遵守投資紀(jì)律還是重要得多。”
（英語點(diǎn)津姍姍編輯）
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