Mood in foreign exchange trading: Cognitive processes and performance

This paper examines the effects of mood on the behavior of traders or decision makers in financial markets. Based on a review of the psychological theories and empirical findings which relate mood to decision making and information processing, we derive hypotheses with respect to the impact of good, neutral, and bad moods on the behavior of traders. Two experiments (N=66 and 72) were conducted on an Internet platform which simulated foreign exchange trading based on historical market data. The first experiment manipulated mood using feedback and music whereas the second one asked subjects to read mood-laden statements. It was found that traders in a good mood had an inferior trading performance (losing money) compared to those in a neutral or bad mood (making profit). This is because traders in a good mood made less accurate decisions than those in neutral or bad moods. Those in a bad mood were the most accurate in their decisions but behaved conservatively in their trading. Subjects in a good mood tended to make less accurate decisions though they spent on average at least the same time as the other subjects on information processing and decision-making. They also were over-confident taking unwarranted risks. The studies concluded with insights concerning the effects of mood on choice of trading strategies.     

The five‐factor personality inventory: cross‐cultural generalizability across 13 countries

In the present study, we investigated the structural invariance of the Five‐Factor Personality Inventory (FFPI) across a variety of cultures. Self‐report data sets from ten European and three non‐European countries were available, representing the Germanic (Belgium, England, Germany, the Netherlands, USA), Romance (Italy, Spain), and Slavic branches (Croatia, Czech Republic, Slovakia) of the Indo‐European languages, as well as the Semito‐Hamitic (Israel) and Altaic (Hungary, Japan) language families. Each data set was subjected to principal component analysis, followed by varimax rotation and orthogonal Procrustes rotation to optimal agreement with (i) the Dutch normative structure and (ii) an American large‐sample structure. Three criteria (scree test, internal consistency reliabilities of the varimax‐rotated components, and parallel analysis) were used to establish the number of factors to be retained for rotation. Clear five‐factor structures were found in all samples except in the smallest one (USA, N = 97). Internal consistency reliabilities of the five components were generally good and high congruence was found between each sample structure and both reference structures. More than 80% of the items were equally stable within each country. Based on the results, an international FFPI reference structure is proposed. This reference structure can facilitate standardized communications about Big Five scores across research programmes. Copyright © 2003 John Wiley & Sons, Ltd.     

Power Dynamics between Administrators and Faculty on a Unionized Campus: A Case Study

This article offers a case study of labor relations in a higher education setting. The University of Bridgeport's faculty union was certified in May 1973 and decertified in August 1992. Contract negotiation disputes centered on shared governance, managing faculty reductions during a time of inflation and declining enrollments, and determining fair wages. The private university experienced four faculty strikes, culminating in a two-year faculty strike – the longest in U.S. higher education history. The university was also the first institution of higher education in the United States to hire permanent replacement faculty during a strike. In 1990, leaders of the locked-out striking faculty unsuccessfully lobbied for a state government takeover of the nearly bankrupt university. The case study highlights a plethora of complex ethical issues faced by administrators, faculty, and unions during times of economic decline.     

The effect of alcohol administration on human timing: a comparison of prospective timing, retrospective timing and passage of time judgements

Previous research suggests that human timing may be affected by alcohol administration. The current study aimed to expand on previous research by examining the effect of alcohol on prospective timing, retrospective timing and passage of time judgements. A blind between-subjects design was employed in which participants were either administered 0 g of alcohol per kilogramme of body weight (placebo), 0.4 g/kg (low dose) or 0.6 g/kg (high dose). Participants completed four types of temporal task; verbal estimation and temporal generalisation, a retrospective timing task and a passage of time judgement task. A high dose of alcohol resulted in overestimations of duration relative to the low dose and placebo group in the verbal estimation task. A high dose of alcohol was also associated with time passing more quickly than normal. Alcohol had no effect on retrospective judgements. The results suggest that a high dose of alcohol increases internal clock speed leading to over-estimations of duration on prospective timing tasks, and the sensation of time passing more quickly than normal. The absence of an effect of alcohol on retrospective timing supports the suggestion that retrospective judgements are not based on the output of an internal clock.     

Moderators of Parent Training for Disruptive Behaviors in Young Children with Autism Spectrum Disorder

We conducted a 6 month, randomized trial of parent training (PT) versus a parent education program (PEP) in 180 young children (158 boys, 22 girls), ages 3–7 years, with autism spectrum disorder (ASD). PT was superior to PEP in decreasing disruptive and noncompliant behaviors. In the current study, we assess moderators of treatment response in this trial. Thirteen clinical and demographic variables were evaluated as potential moderators of three outcome variables: the Aberrant Behavior Checklist-Irritability subscale (ABC-I), Home Situations Questionnaire (HSQ), and Clinical Global Impressions-Improvement Scale (CGI-I). We used an intent-to-treat model and random effects regression. Neither IQ nor ASD severity moderated outcome on the selected outcome measures. Severity of Attention Deficit Hyperactivity Disorder (ADHD) and anxiety moderated outcomes on the ABC-I and HSQ. For instance, there was a 6.6 point difference on the ABC-I between high and low ADHD groups (p?=?.05) and a 5.3 point difference between high and low Anxiety groups (p?=?.04). Oppositional defiant disorder symptoms and household income moderated outcomes on the HSQ. None of the baseline variables moderated outcome on the CGI-I. That IQ and ASD symptom severity did not moderate outcome suggests that PT is likely to benefit a wide range of children with ASD and disruptive behavior.     

Derived Relational Responding and Performance on Verbal Subtests of the WAIS-III

The Psychological Record - Twenty-six monolingual and 46 bilingual college students were assigned to 2 groups on the basis of their performance on a complex relational task, an empirical model of...     

Impact of infralimbic inputs on intercalated amygdala neurons: a biophysical modeling study

Intercalated (ITC) amygdala neurons regulate fear expression by controlling impulse traffic between the input (basolateral amygdala; BLA) and output (central nucleus; Ce) stations of the amygdala for conditioned fear responses. Previously, stimulation of the infralimbic (IL) cortex was found to reduce fear expression and the responsiveness of Ce neurons to BLA inputs. These effects were hypothesized to result from the activation of ITC cells projecting to Ce. However, ITC cells inhibit each other, leading to the question of how IL inputs could overcome the inter-ITC inhibition to regulate the responses of Ce neurons to aversive conditioned stimuli (CSs). To investigate this, we first developed a compartmental model of a single ITC cell that could reproduce their bistable electroresponsive properties, as observed experimentally. Next, we generated an ITC network that implemented the experimentally observed short-term synaptic plasticity of inhibitory inter-ITC connections. Model experiments showed that strongly adaptive CS-related BLA inputs elicited persistent responses in ITC cells despite the presence of inhibitory interconnections. The sustained CS-evoked activity of ITC cells resulted from an unusual slowly deinactivating K(+) current. Finally, over a wide range of stimulation strengths, brief IL activation caused a marked increase in the firing rate of ITC neurons, leading to a persistent decrease in Ce output, despite inter-ITC inhibition. Simulations revealed that this effect depended on the bistable properties and synaptic heterogeneity of ITC neurons. These results support the notion that IL inputs are in a strategic position to control extinction of conditioned fear via the activation of ITC neurons.