PMID- 29033782
OWN - NLM
STAT- PubMed-not-MEDLINE
LR  - 20220409
IS  - 1662-4548 (Print)
IS  - 1662-453X (Electronic)
IS  - 1662-453X (Linking)
VI  - 11
DP  - 2017
TI  - Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI 
      Investigation.
PG  - 536
LID - 10.3389/fnins.2017.00536 [doi]
LID - 536
AB  - Background: While financial decision making has been barely explored, no study 
      has previously investigated the neural correlates of individual decisions made by 
      professional traders involved in real stock market negotiations, using their own 
      financial resources. Aim: We sought to detect how different brain areas are 
      modulated by factors like age, expertise, psychological profile (speculative risk 
      seeking or aversion) and, eventually, size and type (Buy/Sell) of stock 
      negotiations, made through Direct Access Trading (DAT) platforms. Subjects and 
      methods: Twenty male traders underwent fMRI while negotiating in the Italian 
      stock market using their own preferred trading platform. Results: At least 20 
      decision events were collected during each fMRI session. Risk averse traders 
      performed a lower number of financial transactions with respect to risk seekers, 
      with a lower average economic value, but with a higher rate of filled proposals. 
      Activations were observed in cortical and subcortical areas traditionally 
      involved in decision processes, including the ventrolateral and dorsolateral 
      prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the 
      nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an 
      important role of age in modulating activation of left NAcc, while traders' 
      expertise was negatively related to activation of vlPFC. High value transactions 
      were associated with a stronger activation of the right PPC when subjects' buy 
      rather than sell. The success of the trading activity, based on a large number of 
      filled transactions, was related with higher activation of vlPFC and dlPFC. 
      Independent of chronological and professional age, traders differed in their 
      attitude to DAT, with distinct brain activity profiles being detectable during 
      fMRI sessions. Those subjects who described themselves as very self-confident, 
      showed a lower or absent activation of both the caudate nucleus and the dlPFC, 
      while more reflexive traders showed greater activation of areas involved in 
      strategic decision making. Discussion: The neural correlates in DAT are similar 
      to those observed in other decision making contexts. Trading is handled as a 
      well-learned automatic behavior by expert traders; for those who mostly rely on 
      heuristics, cognitive effort decreases, and transaction speed increases, but 
      decision efficiency lowers following a poor involvement of the dlPFC.
FAU - Raggetti, GianMario
AU  - Raggetti G
AD  - Centre for Health Care Management, School of Medicine, Universita Politecnica 
      delle Marche, Ancona, Italy.
AD  - Department of Management, School of Economics, Universita Politecnica delle 
      Marche, Ancona, Italy.
FAU - Ceravolo, Maria G
AU  - Ceravolo MG
AD  - Centre for Health Care Management, School of Medicine, Universita Politecnica 
      delle Marche, Ancona, Italy.
AD  - Department of Experimental and Clinical Medicine, School of Medicine, Universita 
      Politecnica delle Marche, Ancona, Italy.
FAU - Fattobene, Lucrezia
AU  - Fattobene L
AD  - Department of Management, School of Economics, Universita Politecnica delle 
      Marche, Ancona, Italy.
AD  - Department of Experimental and Clinical Medicine, School of Medicine, Universita 
      Politecnica delle Marche, Ancona, Italy.
FAU - Di Dio, Cinzia
AU  - Di Dio C
AD  - Department of Psychology, Universita Cattolica del Sacro Cuore, Milan, Italy.
LA  - eng
PT  - Journal Article
DEP - 20170929
PL  - Switzerland
TA  - Front Neurosci
JT  - Frontiers in neuroscience
JID - 101478481
PMC - PMC5626870
OTO - NOTNLM
OT  - cognitive control
OT  - dorsolateral prefrontal cortex
OT  - fMRI
OT  - financial market
OT  - financial risk taking
OT  - neuroeconomics
EDAT- 2017/10/17 06:00
MHDA- 2017/10/17 06:01
PMCR- 2017/01/01
CRDT- 2017/10/17 06:00
PHST- 2017/05/26 00:00 [received]
PHST- 2017/09/14 00:00 [accepted]
PHST- 2017/10/17 06:00 [entrez]
PHST- 2017/10/17 06:00 [pubmed]
PHST- 2017/10/17 06:01 [medline]
PHST- 2017/01/01 00:00 [pmc-release]
AID - 10.3389/fnins.2017.00536 [doi]
PST - epublish
SO  - Front Neurosci. 2017 Sep 29;11:536. doi: 10.3389/fnins.2017.00536. eCollection 
      2017.