Gazing through the bubble: an experimental investigation into financial risk-taking using eye-tracking

Financial Innovation

Table 1 Elasticity coefficients of eye movements as a result of price dynamics

	First trading session round		Second trading session round
	Holdings	Decision-making	Holdings	Decision-making
Arousal	− 0.0185*** (− 0.6153)	− 0.1879*** (− 4.1134)	0.0927*** (3.2708)	0.0715 (1.6575)
Attention (lack of)	− 0.3354** (− 2.4815)	0.2731* (1.9493)	− 0.2890** (− 2.1007)	0.2593** (2.6778)
Dis-engagement	− 0.5167*** (− 3.9771)	− 0.2880* (− 1.8900)	− 0.0064 (− 0.0732)	− 0.0287 (− 0.1616)

Each column provides information on the \(\beta\) estimate and the corresponding t-statistic of a univariate regression ran between each of the three eye-tracking metrics as dependent variables (arousal, dis-engagement, and attention) and the price returns as the independent variable. Eye-tracking variables are calculated as global averages across subjects and periods. Statistical significance at the 1%, 5% and 10% confidence levels is indicated using ***, ** and *.