JBBS  Vol.5 No.6 , June 2015
Electroencephalographic Activity Associated to Investment Decisions: Gender Differences
Abstract: Literature in finance and neurosciences shows that male and female differ in many relevant issues concerning financial decision investment. Here, we studied the EEG activity recorded while volunteers were playing a stock trading game to investigate these gender differences. 20 males and 20 females made 100 trading decisions using a portfolio of 200 shares of 7 different companies. Males and females were equally successful in earning above the market. sLORETA was used to identify sources of EEG recorded 2 seconds before trading decision. Results showed that male and female used different sets of neuron to make equally successful financial decisions.
Cite this paper: Rocha, A. , Vieito, J. , Massad, E. , Rocha, F. and Lima, R. (2015) Electroencephalographic Activity Associated to Investment Decisions: Gender Differences. Journal of Behavioral and Brain Science, 5, 203-211. doi: 10.4236/jbbs.2015.56021.

[1]   Vandegrift, D. and Brown, P. (2005) Gender Differences in the Use of High-Variance Strategies in Tournament Competition. The Journal of Socio-Economics, 34, 834-849.

[2]   Becker, J., Perry, A. and Westenbroek, C. (2012) Sex Differences in the Neural Mechanisms Mediating Addiction: A New Synthesis and Hypothesis. Biology of Sex Differences, 3, 14.

[3]   Zaidi, Z. (2010) Gender Differences in Human Brain: A Review. The Open Anatomy Journal, 2, 37-55.

[4]   Haier, R.J., Yung, R.E., Yeo, R.A., Head, K. and Alkire, M. (2005) The Neuroanatomy of General Intelligence: Sex Matters. NeuroImage, 25, 320-327.

[5]   da Rocha, A.F., Rocha, F.T. and Massad, E. (2011) The Brain as a Distributed Intelligent Processing System: An EEG Study. PLoS ONE, 6, e17355.

[6]   Lee, T.M., Chan, C.C., Leung, A.W., Fox, P.T. and Gao, J.H. (2009) Sex-Related Differences in Neural Activity During Risk Taking: An fMRI Study. Cereb Cortex, 19, 1303-1312.

[7]   Burgdorfa, J. and Pankseppa, J. (2006) The Neurobiology of Positive Emotions. Neuroscience and Biobehavioral Reviews, 30, 173-187.

[8]   Xue, G., Lu, Z., Levin, I. and Bechara, A. (2010) The Impact of Prior Risk Experiences on Subsequent Risky Decision-Making: The Role of the Insula. NeuroImage, 50, 709-716.

[9]   Bolla, K.I., Eldreth, D.A., Matochik, J.A. and Cadet, J.L. (2004) Sex-Related Differences in a Gambling Task and Its Neurological Correlates. Cerebral Cortex, 14, 1226-1232.

[10]   Overman, W.H. (2004) Sex Differences in Early Childhood, Adolescence, and Adulthood on Cognitive Tasks That Rely on Orbital Prefrontal Cortex. Brain and Cognition, 55, 134-147.

[11]   Lighthall, N., Sakaki, M., Vasunilashorn, S., Nga. L., Somayajula. S., Chen, E.Y., Samii, N. and Mather, M. (2012) Gender Differences in Reward-Related Decision Processing under Stress. Social Cognitive and Affective Neuroscience, 7, 476-484.

[12]   Vieito, J., Rocha, A.F. and Rocha, F.T. (2014) Brain Activity of the Investor’s Stock Market Financial Decision. Journal of Behavioral Finance, in press.

[13]   Pascual-Marqui, R., Esslen, M., Kochi, K. and Lehmann, D. (2002) Functional Imaging with Low Resolution Brain Electromagnetic Tomography (LORETA): A Review. Methods & Findings in Experimental & Clinical Pharmacology, 24C, 91-95.

[14]   Pascual-Marqui, R. (2002) Standardized Low Resolution Brain Electromagnetic Tomography (sLORETA): Technical Details. Methods & Findings in Experimental & Clinical Pharmacology, 24D, 5-12.

[15]   Rocha, A.F., Burattini, M.N., Rocha, F.R. and Massad, E. (2009) A Neuroeconomic Modeling of Attention Defcit and Hyperactivity Disorder. Journal of Biological Systems, 17, 597-621.

[16]   Rocha, A. and Roch., F. (2011) Neuroeconomia e o Processo Decisório. São Paulo: LTC.

[17]   Rocha. A.F. (2013) What We Learn about Global Systemic Risk with Neurosciences. Neuroeconomics eJournal Financial Crises eJournal, 2.

[18]   Rocha, A.F., Rocha,F.T. and Massad, E. (2013) Moral Dilemma Judgment Revisited: A Loreta Analysis. Journal of Behavioral and Brain Science, 3, 624-640.

[19]   Da Rocha, A.F., Lima Filho, R.I.R.L., Costa, H.A.X. and Lima, I.R. (2013) The 2008 Crisis from the Neurofinance Perspective: Investor Humor and Market Sentiment. International Finance eJournal.

[20]   Ribas, L.M., Rocha, F.T., Ortega, N.R., Rocha, A.F. and Massad, E. (2013) Brain Activity and Medical Diagnosis: An EEG Study. BMC Neuroscience, 14, 109.

[21]   Burgess, P.W., Gonen-Yaacovi, G. and Volle, E. (2011) Functional Neuroimaging Studies of Prospective Memory: What Have We Learnt So Far? Neuropsychologia, 49, 2246-2257.

[22]   Knutson, B., Fong, G., Bennett, S., Adams, C. and Hommer, D. (2003) A Region of Mesial Prefrontal Cortex Tracks Monetarily Rewarding Outcomes: Characterization With Rapid Event-Related FMRI. Neuroimage, 18, 263-272.

[23]   Krueger, F., Moll, J., Zahn, R., Heinecke, A. and Grafman, J. (2007) Event Frequency Modulates the Processing of Daily Life Activities in Human Medial Prefrontal Cortex. Cerebral Cortex, 17, 2346-2353.

[24]   Bugden, S., Price, G.R., McLean, D.A. and Ansari, D. (2012) The Role of the Left Intraparietal Sulcus in the Relationship between Symbolic Number Processing and Children’s Arithmetic Competence. Developmental Cognitive Neuroscience, 2, 448-445.

[25]   Volle, E., Gonen-Yaacovi, G., Costello, A.L., Gilbert, S.J. and Burgess, P.W. (2011) The Role of Rostral Prefrontal Cortex in Prospective Memory: A Voxel-Based Lesion Study. Neuropsychologia, 49, 2185-2198.

[26]   Rocha, A.F. and Rocha F.T. (2002) The Brain and Arithmetic Calculation. Frontiers in Artificial Intelligence and Applications, 85, 62-67.

[27]   Rocha, A.F., Rocha, F.T., Massad, E. and Menzes, R.X. (2004) Brain Mapping of the Arithmetic Processing in Children and Adults. Cognitive Brain Research, 22, 359-372.

[28]   Grabner, R.H., Ansari, D., Koschutnig, K., Reishofer, G., Ebner, F. and Neuper, C. (2009) To Retrieve or to Calculate? Left Angular Gyrus Mediates the Retrieval of Arithmetic Facts during Problem Solving. Neuropsychologia, 47, 604- 608.

[29]   Leung, H.-C., Gore, J.C. and Goldman-Rakic, P.S. (2002) Sustained Mnemonic Response in the Human Middle Frontal Gyrus during On-Line Storage of Spatial Memoranda. Journal of Cognitive Neuroscience, 14, 659-671.

[30]   Cattaneo, Z., Silvanto, J., Pascual-Leone, A. and Battell, L. (2009) The Role Of The Angular Gyrus In The Modulation Of Visuospatial Attention By The Mental Number Line. NeuroImage, 44, 563-568.