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TradersRisks, Decisions, and Management in Financial Markets$
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Mark Fenton-O'Creevy, Nigel Nicholson, Emma Soane, and Paul Willman

Print publication date: 2004

Print ISBN-13: 9780199269488

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199269488.001.0001

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(p.197) Chapter 9 Conclusions

Mark Fenton-O'Creevy

Nigel Nicholson

Emma Soane

Paul Willman

Oxford University Press

This concluding chapter summarizes the key findings of this study and their implications for management, trader development, regulation, and future research. The study made use of interviews, observations, surveys, psychometric tests, a computer-based experiment, and archival exploration to take on a multidisciplinary perspective in order to understand how markets operate and, specifically, what determines the behaviours of both traders and firms. The chapter reviews the limitations of the efficient markets paradigm in explaining behaviour, the implications of reflexivity, and the emotional experiences involved in becoming a trader. The chapter emphasizes the importance of intuition and the experiential and psychological factors that affect the nature of a trader's rationality. Lastly, trader management and the implications of regulatory interventions are discussed. Possibilities for future research include the biases involved in decision making, trading and decision-making styles, and the other applications of psychology in the field of behavioural finance.

Keywords:   management, efficient markets paradigm, reflexivity, emotions, intuition, trader rationality

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