Financial Innovation

Table 3 Parameter estimates of the panel data regression model

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

Variable	First trading session		Second trading session
Variable	Holdings	Decision-making	Holdings	Decision-making
Intercept	0.1298 (3.3126)	0.0756*** (3.2081)	− 0.0497 (− 0.6853)	0.0512 (1.6420)
Returns(-1)	0.4818*** (46.1692)	0.4789*** (41.9444)	0.4075*** (2.9760)	0.4054*** (2.9838)
Arousal	− 0.0069* (− 1.8972)	− 0.0047 (− 1.2682)	0.0038* (1.6743)	0.0008 (0.3396)
Attention (lack of)	0.0012 (0.8246)	0.0002 (0.1371)	0.0011 (1.3885)	0.0022 (0.9264)
Dis-engagement	− 0.0010 (0.6646)	− 0.0022 (− 1.4760)	− 0.0033** (− 2.3162)	− 0.0001 (1.6035)
Age	0.0002 (0.8341)	− 0.0002 (− 0.0390)	− 0.0005 (− 0.0791)	0.0005 (0.0966)
Gender	− 0.0002 (− 0.1909)	− 0.0003 (− 0.2747)	0.0014* (1.6861)	0.0003 (0.4877)
Overconfidence	− 0.0026** (− 2.1059)	− 0.0034*** (− 2.9041)	0.0019 (− 1.6448)	− 0.0018** (− 1.9962)
Degree ranks	− 0.0136*** (2.7237)	− 0.0041 (− 1.1767)	0.0119 (1.4793)	− 0.0048 (− 1.0499)
Adj. R-squared	29.24%	28.61%	18.61%	18.38%
Prob. Wald F-stat	0.00	0.00	0.00	0.00
Durbin-Watson	2.20	2.2057	2.2481	2.2608
No. observations	729 (27 cross × 28)	756 (27 cross × 28)	728 (26 cross × 28)	728 (26 cross × 28)

The table reports \(\beta\) estimates of exogenous variables (first column) for the log returns (columns 1–4) as the dependent variable for both experiments—the holdings and decision-making periods. T-Statistics are below in parentheses. Regressions using 1^st trading session data were corrected with period SUR standard errors and covariance, while 2^nd experiment regressions were run using White cross-section standard errors. Statistical significance at the 1%, 5%, and 10% confidence levels is indicated using ***, **, and *. Note: attention needs to be interpreted in reverse, as it is measured as the average distance from the center of the screen

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