Amos Nadler | Research grabs ‘Bulls of Wall Street’ by the horns

The rush certain males get from trading stocks, inadvertently causing prices to soar thanks to spontaneous decision-making, may be hormonal, says Ivey's Assistant Professor Amos Nadler in his researcher paper, The Bull of Wall Street: Experimental Analysis of Testosterone and Asset Trading.

Nadler says male traders with elevated testosterone levels cause significantly higher and longer-lasting asset overpricing when compared to traders with regular levels of the hormones.

“Testosterone pushes you toward being less fundamental and more instinctive in thinking. In our world, that is typically not a good thing,” Nadler said. “When you are making financial decisions, you’re moving a lot of money. You want to think about what you’re doing.”