Wang Cuicui, Vieito João Paulo, Ma Qingguo
School of Management, Hefei University of Technology, Hefei 230009, China.
School of Business Studies, Polytechnic Institute of Viana do Castelo, 4920311 Viana do Castelo, Portugal.
Comput Intell Neurosci. 2015;2015:701237. doi: 10.1155/2015/701237. Epub 2015 Oct 18.
This investigation is among the first ones to analyze the neural basis of an investment process with money flow information of financial market, using a simplified task where volunteers had to choose to buy or not to buy stocks based on the display of positive or negative money flow information. After choosing "to buy" or "not to buy," participants were presented with feedback. At the same time, event-related potentials (ERPs) were used to record investor's brain activity and capture the event-related negativity (ERN) and feedback-related negativity (FRN) components. The results of ERN suggested that there might be a higher risk and more conflict when buying stocks with negative net money flow information than positive net money flow information, and the inverse was also true for the "not to buy" stocks option. The FRN component evoked by the bad outcome of a decision was more negative than that by the good outcome, which reflected the difference between the values of the actual and expected outcome. From the research, we could further understand how investors perceived money flow information of financial market and the neural cognitive effect in investment process.
本研究是首批利用金融市场资金流信息分析投资过程神经基础的研究之一，采用了一项简化任务，即志愿者必须根据正或负资金流信息的显示来选择买入或不买入股票。在选择“买入”或“不买入”后，参与者会收到反馈。与此同时，事件相关电位（ERP）被用于记录投资者的大脑活动，并捕捉事件相关负波（ERN）和反馈相关负波（FRN）成分。ERN的结果表明，与正净资金流信息相比，用负净资金流信息买入股票时可能存在更高风险和更多冲突，对于“不买入”股票选项而言情况则相反。决策的不良结果诱发的FRN成分比良好结果诱发的更负，这反映了实际结果与预期结果的价值差异。通过这项研究，我们可以进一步了解投资者如何感知金融市场的资金流信息以及投资过程中的神经认知效应。
