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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) |
頭腦不冷靜有時候未必是件壞事。
《管理學會期刊》的一項研究發現，實際上，感情用事的炒股人士往往能做出更好的決定。
美國馬里蘭大學的Myeong-Gu Seo和波士頓學院的莉莎?費爾德曼?巴雷特在發表于《管理學會期刊》八、九月號的研究報告中指出，在決策過程中加入感情色彩可以提高創造力、參與度和決策效率。
兩位教授發現，一個人在做決定時的情感活動越強烈，他的投資回報率就會越高。該研究對101位股票投資者進行了為期四周的模擬交易監控。
他們在研究報告中指出，“與‘頭腦越冷靜越好’的普遍看法恰好相反，那些頭腦容易發熱的人——也就是在決策過程中情感活動較為強烈的人——能取得更大的回報。”
研究表明，“情感會讓人喪失理智”這個傳統的至理名言更多得是與個人對情感的理解能力有關，而不在于情感有多強烈。
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。
然而，在股市上是否應該跟著感覺走仍是一個有爭議的話題。
新澤西州澤西市的騎士股權交易公司的主管彼德?肯尼表示“我炒股從不會感情用事”，他的炒股生涯已超過25年。
“遵守投資紀律還是重要得多。”
（英語點津姍姍編輯）
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