The role of self-efficacy, goal, and affect in dynamic motivational self-regulation

In this paper, we examined the within-person relationship between self-efficacy and performance in an Internet-based stock investment simulation in which participants engaged in a series of stock trading activities trying to achieve performance goals in response to dynamic task environments (performance feedback and stock market movements). Contrary to the results of several previous studies, we found that self-efficacy was positively related to effort and performance, and goal level partially mediated the efficacy–performance relationship. We also found that participants’ affective reactions to performance feedback, measured as positive affect and negative affect, uniquely contributed to their motivation and performance either directly or by indirectly influencing their self-efficacy.     

情绪能预测股市吗?

人类的非理性被经济学家Keynes视为是造成经济波动的主要原因, 而情绪是非理性行为的背后推动力之一。那么情绪是否与股票市场波动有关, 甚至预测股市波动？首先, 笔者从心理和神经生理角度出发, 尝试解释决策主体情绪、社会情绪是如何影响个体金融决策的。其次, 笔者将情绪与股市关系研究大致划分为投资者情绪与社会情绪研究。投资者情绪研究主要通过主观调查和客观市场指标构建情绪指标; 而近年来的社会情绪研究, 尤其是基于互联网平台的社会情绪研究, 为情绪与股市关系研究注入了新的活力。关于情绪与股市的关系问题远未定论, 情绪影响股市的内在机制也有待未来研究继续深化。而互联网大数据资源和信息技术在情绪与股市关系这一研究领域中, 将扮演越来越重要的角色。     

Pitch and loudness interact in auditory displays: can the data get lost in the map?

Many auditory displays use acoustic attributes such as frequency, intensity, and spectral content to represent different characteristics of multidimensional data. This study demonstrated a perceptual interaction between dynamic changes in pitch and loudness, as well as perceived asymmetries in directional acoustic change, that distorted the data relations represented in an auditory display. Three experiments showed that changes in loudness can influence pitch change, that changes in pitch can influence loudness change, and that increases in acoustic intensity are judged to change more than equivalent decreases. Within a sonification of stock market data, these characteristics created perceptual distortions in the data set. The results suggest that great care should be exercised when using lower level acoustic dimensions to represent multidimensional data.     

Explaining the price-volume relationship: The difference between price changes and changing prices

Trading on the stock market increases when there are large changes in price levels, and falls when these changes are small. An experimental test revealed strong support for the hypothesis that large price changes cause heavy trading. Trading patterns, profit data, and memory measures revealed that the vast majority of the subjects employed a tracking strategy; that is, they bought when the price fell and sold when it rose. To test whether the use of this strategy was due to a selective application of the representativeness heuristic on the price stimuli, a second experiment was conducted in which subjects were presented either with only price information or with only price change information. Results supported the representativeness hypothesis, with subjects in the price change condition tracking poorly and earning less profit. The results are discussed with regard to their implications for the stock market and the psychology of prediction.     

The relationship between individual differences in intraindividual variability in core affect and interpersonal behaviour

How people's feelings and interpersonal behaviour change across time can be represented as movements within a core affect and an interpersonal space. To gain insight into the relationship between affect and behaviour dynamics, the present study examined how individual differences in intraindividual variability in core affect relate to those in interpersonal behaviour, and how both are related to personality traits. In an experience sampling study, 63 participants were asked to monitor their core affect during one week and their interpersonal behaviour during another one. The results demonstrated a fairly consistent correspondence between several indices of people's variability in core affect and interpersonal behaviour, indicating that emotional lability also signals behavioural volatility and vice versa. Copyright © 2010 John Wiley & Sons, Ltd.     

The role of emotions arising from instability in investment behaviour / El papel de la carga emocional de la inestabilidad en el comportamiento de inversión

Abstract

Clear empirical evidence has been found on how significant changes to a person’s environment can alter their behaviour. This is important when considering investments made on the stock exchange as the variations that occur in stock market prices are frequent and continuous. This study analyses the role instability has on individual investors’ behaviour when investing in the stock market. The results suggest that instability in investment situations plays a significant role in individual investors’ behaviour, probably due to the emotional effect provoked by the possibility of suddenly losing savings. This would modify the perception investors have about investing as well as their intentions, attitudes and feelings of control in regards to investment in financial markets, thus hindering the capacity to predict their behaviour.     

Inaction Inertia in the Stock Market1

Based on the inaction inertia effect, it was hypothesized that investors who missed an opportunity to leave a “bear market” will be less likely to sell the stock at a later opportunity when facing a grave loss. Participants in a stock‐market computer game were given an opportunity to sell their stock for a moderate gain. Having missed this initial opportunity and now facing a grave loss, these participants were less likely to sell their stock compared to participants whose potential loss was not as grave, or compared to participants facing the same magnitude of loss who had no previous opportunity to leave the market. Analysis of the time spent by participants on reading relevant information concerning the stock market suggests that this tendency toward continued inaction was not the result of careful deliberation over market trends. The results are discussed in terms of counterfac‐tual thinking and anticipated regret.     

Feeling and thinking: An affect‐as‐cognitive‐feedback account

Despite the abundance of evidence demonstrating a dedicated link between positive and negative affect and specific ways of thinking, not all findings are consistent with this view. New research suggests that the relationship between affect and thinking can be altered and often reversed, by varying the mental context in which affect is experienced. The affect‐as‐cognitive‐feedback account can explain a wide range of phenomena, including both prior findings and this more recent research, and generate new predictions. According to this account, affective reactions confer value on accessible information processing strategies (e.g., global vs. local processing) and other mental content that happens to be accessible at the time. This view underscores that the relationship between affect and cognition is not fixed but instead is highly malleable. We present evidence that supports this account, along with new findings that suggest a malleable influence of specific affective states on cognition.     

A follow-up of cognitive performance and diurnal salivary cortisol changes in former burnout patients

The purpose of this study was to determine whether recovery from burnout is associated with improved cognitive functioning, and whether such improvement is associated with changes in hypothalamic-pituitary-adrenal axis activity and return to work. Forty-five former burnout patients were followed up after 1.5 years with a neuropsychological examination, diurnal salivary cortisol measurements, dexamethasone suppression test (DST), and self-ratings of cognitive problems. At follow-up, improved cognitive performance was observed on several tests of short-term memory and attention. Self-rated cognitive problems decreased considerably, but this decrease was unrelated to the improvement on neuropsychological tests. Diurnal salivary cortisol concentrations at awakening, 30?min after awakening, and in the evening, did not change from baseline to follow-up, nor did the cortisol awakening response. However, slightly, but significantly, stronger suppression of cortisol in response to the DST was observed at follow-up. Improvements in subjective or objective cognitive functioning and changes in diurnal cortisol concentration were unrelated to the extent of work resumption. However, a decreased DST response at follow-up was partially related to improved cognitive performance and work resumption. The clinical implications are that burnout seems to be associated with slight and significantly reversible cognitive impairment, and that self-rated cognitive change during recovery poorly reflects objective cognitive change.     

UNDERWATER STOCK OPTIONS AND VOLUNTARY EXECUTIVE TURNOVER: A MULTIDISCIPLINARY PERSPECTIVE INTEGRATING BEHAVIORAL AND ECONOMIC THEORIES

In a study of top U.S. executives between 1996 and 2006, we examined the impact of underwater stock options on voluntary turnover. Financial and economic logic suggests that underwater options may carry a positive valuation based on Black–Scholes (BS) pricing, even when the current market price is below the exercise price. However, a variety of psychological and behavioral theories suggest that underwater option portfolios may motivate voluntary turnover to a greater extent than what can be captured by Black–Scholes valuation. Findings supported these perspectives, as underwater options were associated with voluntary executive turnover, after controlling for the BS value of the options and other factors. Moreover, we found evidence that voluntary turnover dynamics differed substantially between CEOs and non‐CEOs.     

Mood and experimentally-induced respiratory virus infections and illnesses

Abstract

The research described in this paper examined the relationship between mood and experimentally-induced upper respiratory virus infections and illnesses. The first aim was to determine whether pre-challenge mood was related to susceptibility to infection and illness. There was no evidence of an association in any of the trials. A second aim of the research was to examine the nature of the mood changes induced by the different viruses. Subjects with influenza showed a general increase in negative affect. Those who developed a cold following challenge with a coronavirus reported a drop in arousal but little change in other aspects of mood. Colds following challenge with rhinoviruses and respiratory syncytial viruses produced little change in mood. There was little evidence of sub-clinical infections changing mood. However, mood changes were also reported after the symptoms of a coronavirus cold had gone. These results demonstrate selective effects of upper respiratory viruses on mood and show that the changes are not confined to times when the primary symptoms are present. This agrees with the pattern obtained in studies of performance change.     

The explanatory role of rumours in the reciprocal relationship between organizational change communication and job insecurity: a within-person approach

The current study highlights rumours as an explanation of the reciprocal relationship between perceived organizational change communication and job insecurity. First, we predict that perceiving insufficient organizational change communication may result in rumours, which in turn may shape job insecurity perceptions. Second, we propose that rumours may also mediate the relationship between job insecurity and perceiving insufficient organizational change communication. To test the hypotheses, a multilevel approach was used, in which three measurements were nested within 1994 employees. This enabled us to probe within-person processes, while controlling for possible between-person variation. The results demonstrated a negative reciprocal relationship between perceived organizational change communication and job insecurity. Additionally, rumours mediated both the negative relationship between perceived organizational change communication and subsequent job insecurity, and the negative relationship between job insecurity and subsequent perceived organizational change communication. This study contributes to the literature on job insecurity by offering initial evidence on the relationship between job insecurity and rumours, and by highlighting rumours as a process through which perceived organizational change communication and job insecurity may mutually affect each other.     

Depression and immunocompetence: a review of the literature.

Recent evidence suggests that there is a relationship between depression and immunity. On the basis of these studies, it has been argued that depressed mood may increase susceptibility to disease by means of aberrations occurring within the immune system. Empirical research investigating the relationship between depression and immunity is reviewed here. Studies examining both clinical and nonclinical manifestations of depression are discussed and evaluated. This review reveals that indexes of immunocompetence are lower among people exhibiting depressive symptomology and suggests that immune alterations may be more related to dysphoric mood than to specific situations or events. Alternative hypotheses accounting for links between depressed affect and altered immune states are provided, and suggestions for future research are offered.     

教改对教师工作生活质量影响的跨文化比较研究

本研究采用跨文化教育协作组(CCCRE)编制的访谈问卷,采用结构化访谈方式,通过跨文化教育研究协作对9个国家513名教师进行访谈调查。本文着重探讨了教改的种类、起因和角色特征对教师工作生活质量的影响。结果表明:1)教改类型对教师人际关系和职业发展的变化有显著影响2)教改起因对教师的时间利用和职业发展有显著影响,并在时间利用上显示出文化上的差异。3)我国教改在起因上表现出与总体趋同态势,但它们对教师的人际关系和职业发展的变化有更积极的影响。4)执行者是教师在教改中的主要角色,但这种角色对教师的工作生活质量没有显著影响。     

Categorization and affect: evidence for intra-hemispheric interactions

Both emotional reactivity and categorization have long been studied within the framework of hemispheric asymmetry. However, little attempt has been made to integrate both research areas using any form of neuropsychological research, despite behavioral data suggesting a consistent relationship between affective and categorization processes. The primary goal of the current study was to examine the possibility of a laterally mediated interaction between emotional reactivity and the cognitive process of categorization. Using a split visual fields categorization task combined with affect inducing procedures, we hypothesized that the relationship between state affect and categorization would be dependent on the nature of state affect and on the hemisphere targeted. Results offered support for this hypothesis, showing that state affect related changes in categorization appeared only in the hemisphere commonly associated with both a specific affective state and categorization strategy employed. Findings are discussed in terms of possible evidence for a hemispheric arousal effect underlying the relationship between affect and categorization.     

Maintenance of Relationship and Individual Functioning Gains Following Online Relationship Programs for Low‐Income Couples

Initial evidence suggests that gains in relationship functioning from brief, web‐based programs are maintained through one year following the intervention; however, whether these results generalize to a low‐income sample is unclear. Furthermore, previous research from in‐person couple therapy suggests there may be different shapes of maintenance slopes for behavioral versus acceptance‐based techniques. This study contacted 668 individuals who enrolled in online behavioral (ePREP) or acceptance‐based (OurRelationship) programs one year following completion of the program. Multilevel modeling was used to examine linear and quadratic rates of change in the year following the online intervention as well as total amount of change from pretreatment to 12‐month follow‐up for both relationship and individual functioning. The majority of couples who responded continued to be in a relationship with the same partner (68.3%). Examinations of relationship functioning indicated couples in both programs maintained their gains over follow‐up (i.e., no significant linear or quadratic changes), with medium‐to‐large within‐group effect sizes from pre‐ to one‐year follow‐up. There were no significant differences in relationship outcomes between OurRelationship and ePREP. Similarly, examinations of individual functioning outcomes indicated couples maintained their gains over follow‐up or continued to improve. In total, couples experienced small‐to‐medium within‐group effect sizes from pretreatment to one‐year follow‐up, with larger effects for individuals who were initially distressed. These results suggest that online programs create lasting change for low‐income couples in relationship and individual functioning, with minimal differences between behavioral and acceptance‐based orientations.     

The broaden and build process: Positive affect,ratio of positive to negative affect and general self-efficacy

Previous research indicates that increases in positive affect enhance personal resources and bring about improvements in various realms of life. The present study examined the role of general self-efficacy as a mediator between increases in positive affect and change in work and relationship satisfaction and mental health. Participants randomly assigned to a three-week intervention intended to increase positive affect showed significantly greater change in positive affect, ratio of positive to negative affect, self-efficacy, work satisfaction and mental health than participants in a control condition. Changes in affect were associated with changes in self-efficacy, work satisfaction, relationship satisfaction and mental health. Changes in self-efficacy were associated with increases in work satisfaction and mental health. The findings incorporate the concept of general self-efficacy into the broaden and build model and provide information regarding the utility of ratio of positive to negative affect indices.     

Wasted and Bombed: Clinical Enactments of a Changing Relationship to the Earth

Are changes in the relationship to the natural environment expressed in our psyches? I explore that question in this paper. Carefully considering clinical material of some young adults suggests that aspects of obliterative drinking and dissociative materialism may be enactments of a changing relationship between people and their ecosystems. Psychoanalysis, anthropology, and human geography support the idea that the psychological object field expands far beyond the parental relationship and that this expanded field can also importantly affect psychological behavior. Three cases are examined through a lens that recognizes similarities between the commoditization of natural resources and wasteful behavioral enactments.     

Creative mood swings: divergent and convergent thinking affect mood in opposite ways

Increasing evidence suggests that emotions affect cognitive processes. Recent approaches have also considered the opposite: that cognitive processes might affect people’s mood. Here we show that performing and, to a lesser degree, preparing for a creative thinking task induce systematic mood swings: Divergent thinking led to a more positive mood, whereas convergent thinking had the opposite effect. This pattern suggests that thought processes and mood are systematically related but the type of relationship is process-specific.     

Monetary Wisdom: How Do Investors Use Love of Money to Frame Stock Volatility and Enhance Stock Happiness?

Monetary intelligence asserts: individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. Bridging the gap between stock volatility and behavioral economics, we collected longitudinal data from multiple sources and at multiple times: First, private investors (N = 229) in Shanghai—the financial capital of China—completed their love of money attitude measure (Rich-affect, Motivator-behavior, and Importance-cognition) and demographic variables in a survey. Second, we recorded daily Shanghai Stock Exchange Composite Index (“the Index”) for 30 consecutive trading days during the financial crisis in 2008—public records. Third, we text-messaged investors, collecting their daily Index Happiness, Stock Percentage (stocks/liquid assets), and Stock Happiness—private information. Here, investors illustrate: high Rich investors fret about low Index happiness, yet high Rich and high Importance investors boast high stock happiness, supporting the endowment effect and investor hubristic smirk. High Motivator investors quickly adjust their stock percentage/portfolio, suffering low Index happiness and low stock happiness. Gender moderates the relationship between the Index and Index happiness. Our panel data of intra-personal changes of stock happiness demonstrate investor monetary wisdom in the boom-and-bust cycles. Behaviorally, investor must become masters (but not slaves) of money and deactivate money as a Motivator. Curbing the desire to become Rich enhances happiness after gains (boom/risk aversion); appreciating money’s Importance bestows happiness after losses (bust/risk seeking). We expand prospect theory and offer implications to investor wealth, health, and happiness during financial crisis in particular as well as individual subjective well-being and happiness in general.