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Short Term Variability of Emotion and Asset Price: With Special Attention to the Distribution of SerotoninTransporter Gene

Research Project

Project/Area Number 18H00873
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionShiga University (2020-2022)
Nagasaki University (2018-2019)

Principal Investigator

Susai Masayuki  滋賀大学, 役員, 理事 (40206454)

Co-Investigator(Kenkyū-buntansha) 津村 徳道  千葉大学, 大学院工学研究院, 准教授 (00272344)
土居 裕和  長岡技術科学大学, 工学部, 准教授 (40437827)
川崎 能典  統計数理研究所, モデリング研究系, 教授 (70249910)
Project Period (FY) 2018-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥17,030,000 (Direct Cost: ¥13,100,000、Indirect Cost: ¥3,930,000)
Fiscal Year 2021: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2020: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥5,200,000 (Direct Cost: ¥4,000,000、Indirect Cost: ¥1,200,000)
Fiscal Year 2018: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Keywordsセロトニントランスポーター遺伝子 / リスク態度 / オンライン実験 / 国際比較研究 / リスク回避度 / 選択行動 / 外国為替市場のミクロ構造 / 市場のミクロ構造 / 行動ファイナンス / 情動変化 / バイタルセンシング / 投資行動バイアス / 投資実験モデル / 情動計測 / ボラティリティ / 投資行動 / 情動変動 / 実験ファイナンス / 情動 / リスク回避
Outline of Final Research Achievements

In this study, it is pointed out that certain genetics affect risk attitudes. The aim of this study is to clarify whether this factor affects risk attitudes among Westerners and Asians, and if so, what characteristics it has in financial transactions. In our research, we use the same method of conducting experiments at Japan and British universities. The plan was to investigate risk attitudes and asset selection behaviors through experiments, and to clarify the research topics initially set by combining genetic information and experimental results. Although we were able to formulate theoretical research and experimental models, we were unable to conduct experiments due to the spread of corona infections.

Academic Significance and Societal Importance of the Research Achievements

社会科学の分野と生命科学の分野の知見を組み合わせることで、新しい分析のフレームワークを提示することができた。リスク態度という個人の特性に生命科学の知見を組み合わせることで、経済学やファイナンス領域の重要な行動様式であるリスク態度の外生的決定要因を分析に追加することができた。この成果によって、日本やアジアの金融市場のボラティリティの特性を分析するための基礎的な知見を明らかにすることができた。

Report

(5 results)
  • 2022 Final Research Report ( PDF )
  • 2021 Annual Research Report
  • 2020 Annual Research Report
  • 2019 Annual Research Report
  • 2018 Annual Research Report
  • Research Products

    (34 results)

All 2023 2022 2021 2020 2019 2018 2017 Other

All Int'l Joint Research (5 results) Journal Article (21 results) (of which Int'l Joint Research: 8 results,  Peer Reviewed: 21 results,  Open Access: 7 results) Presentation (7 results) (of which Int'l Joint Research: 6 results,  Invited: 1 results) Book (1 results)

  • [Int'l Joint Research] University of Portsmouth(英国)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] University of Portsmouth(英国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] 西南財経大学(中国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] ポーツマス大学(英国)

    • Related Report
      2019 Annual Research Report
  • [Int'l Joint Research] Portsmouth University(英国)

    • Related Report
      2018 Annual Research Report
  • [Journal Article] Cross-Market Spoofing2023

    • Author(s)
      Stenfors, A., Doraghi, M., Soviany, C., and M. Susai
    • Journal Title

      Journal of International Financial Markets, Institutions and Money

      Volume: 83 Pages: 101735-101735

    • DOI

      10.1016/j.intfin.2023.101735

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Transdiagnostic and sex differences in cognitive profiles of autism spectrum disorder and attention‐deficit/hyperactivity disorder2022

    • Author(s)
      Doi Hirokazu、Kanai Chieko、Ohta Haruhisa
    • Journal Title

      Autism Research

      Volume: 15 Issue: 6 Pages: 1130-1141

    • DOI

      10.1002/aur.2712

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] rediction of autistic tendencies at 18 months of age via markerless video analysis of spontaneous body movements in 4-month-old infants2022

    • Author(s)
      Doi,H., Iijima, N., Furui, A., Soh, Z., Yonei, R., Shinohara, K., Iriguchi, M., Shimatani, K., & Tsuji, T.
    • Journal Title

      Scientific Reports

      Volume: 12 Pages: 18045-18045

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Multivariate ERP Analysis of Neural Activations Underlying Processing of Aesthetically Manipulated Self-Face2022

    • Author(s)
      Doi, H.
    • Journal Title

      Applied Sciences

      Volume: 12(24) Issue: 24 Pages: 13007-13007

    • DOI

      10.3390/app122413007

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Spoofing and Pinging in Foreign Exchange Markets2021

    • Author(s)
      Stenfors, A., M. Susai
    • Journal Title

      Journal of International Financial Markets, Institutions and Money

      Volume: 70 Pages: 101278-101278

    • DOI

      10.1016/j.intfin.2020.101278

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Fresh look or false advertising: Modeling of investor attention based on corporate name changes2021

    • Author(s)
      Feng.Q, Tao.Q, Sun.Y and M.Susai
    • Journal Title

      Finance Research Letters

      Volume: 47 Pages: 102526-102526

    • DOI

      10.1016/j.frl.2021.102526

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Automatic classification of adult males with and without autism spectrum disorder by non-contac measurement of autonomic nervous system activation2021

    • Author(s)
      Hirokazu Doi, Norimichi Tsumura, Chieko Kanai, Kenta Masui, Ryota Mitsuhashi,Takumi Nagasawa
    • Journal Title

      Frontiers in Psychiatry

      Volume: 17 Pages: 1-10

    • DOI

      10.3389/fpsyt.2021.625978

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] The Recognition of Cross-Cultural Emotional Faces Is Affected by Intensity and Ethnicity in a Japanese Sample2021

    • Author(s)
      Bonassi Andrea、Ghilardi Tommaso、Gabrieli Giulio、Truzzi Anna、Doi Hirokazu、Borelli Jessica L.、Lepri Bruno、Shinohara Kazuyuki、Esposito Gianluca
    • Journal Title

      Behavioral Sciences

      Volume: 11 Issue: 5 Pages: 59-59

    • DOI

      10.3390/bs11050059

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Timbral perception is influenced by unconscious presentation of hands playing musical instruments2021

    • Author(s)
      Doi, H., Yamaguchi, K., Sugisaki, S.
    • Journal Title

      Quarterly Journal of Experimental Psychology

      Volume: 75 Issue: 6 Pages: 1186-1191

    • DOI

      10.1177/17470218211048032

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] [Paper] Measurement of advertisement effect based on multimodal emotional responses considering personality2020

    • Author(s)
      21.Kenta Masui, Genki Okada, Norimichi Tsumura
    • Journal Title

      ITE Transactions on Media Technology and Applications

      Volume: 8 Issue: 1 Pages: 49-59

    • DOI

      10.3169/mta.8.49

    • NAID

      130007779389

    • ISSN
      2186-7364
    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Unglossy to glossy image conversion using deep photo style transfer2020

    • Author(s)
      Kensuke Fukumoto, Junki Yoshii, Yuto Hirasawa, Takashi Yamazoe, Shoji Yamamoto, Norimichi Tsumura
    • Journal Title

      Journal of Imaging Science and Technology

      Volume: 64

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Improved Viewpoint Entropy to Evaluate Material Appearance under Various Lighting Positions2020

    • Author(s)
      Shoji Yamamoto, Yuto Hirasawa, Ryota Domon, Hiroshi Kintou, Norimichi Tsumura,
    • Journal Title

      Optical Review

      Volume: 27 Pages: 45-56

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Lack of Implicit Visual Perspective Taking in Adult Males with Autism Spectrum Disorders2020

    • Author(s)
      Hirokazu Doi, Chieko Kanai, Norimichi Tsumura, Kazuyuki Shinohara, Nobumasa Kato
    • Journal Title

      Research in Developmental Disabilities

      Volume: 99 Pages: 103593-103603

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Liquidity Withdrawal in the FX Spot Market: A Cross-Country Study Using High-Frequency Data2019

    • Author(s)
      Alexis Stenfors, Masayuki Susai
    • Journal Title

      Journal of International Financial Markets, Institutions and Money

      Volume: 59 Pages: 36-57

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Image-Based Measurement of Skin Texture Changed by Piloerection for Emotion Estimation2019

    • Author(s)
      M. Uchida, R. Akaho, K. Ogawa-Ochiai, N. Tsumura
    • Journal Title

      Artificial Life and Robotics

      Volume: 24 Issue: 1 Pages: 12-18

    • DOI

      10.1007/s10015-018-0435-0

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Implicit associations to infant cry: Genetics and early care experiences influence caregiving propensities2019

    • Author(s)
      Senese VP, Azhari A, Shinohara K, Doi H, Venuti P, Bornstein MH, Esposito G.
    • Journal Title

      Hormones and Behavior

      Volume: 108 Pages: 1-9

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] High-Frequency Trading, Liquidity Withdrawal, and the Breakdown of Conventions in Foreign Exchange Markets2018

    • Author(s)
      Alexis Stenfors, Masayuki Susai
    • Journal Title

      Jounrl of Economic Issues

      Volume: LII Issue: 2 Pages: 387-395

    • DOI

      10.1080/00213624.2018.1469883

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Liquidity Withdrawal in the FX Spot Market: A Cross-Country Study Using High-Frequency Data2018

    • Author(s)
      Stenfors, A., M.Susai
    • Journal Title

      Journal of International Financial Markets, Institutions & Money

      Volume: 59 Pages: 36-57

    • DOI

      10.1016/j.intfin.2018.11.010

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] fNIRS reveals enhanced brain activation to female (versus male) infant directed speech (relative to adult directed speech) in Young Human Infants2018

    • Author(s)
      Sulpizio S, Doi H, Bornstein MH, Cui J, Esposito G, Shinohara K.
    • Journal Title

      Infant Behavior and Development

      Volume: 52 Pages: 89-96

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Canonical Correlation Analysis for long-term changes of facial images based on the frequency of UV care, physical and psychological features2018

    • Author(s)
      I. Nomura, Y. Tatsuzawa, N. Ojima, T. Imai, P. F, K. Ogawa-Ochiai, N. Tsumura
    • Journal Title

      Journal of Imaging Science and Technology

      Volume: 63 Issue: 1 Pages: 105071-105078

    • DOI

      10.2352/j.imagingsci.technol.2019.63.1.010507

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Noncontact pulse wave detection by two-band infrared video-based measurement on face without visible lighting2017

    • Author(s)
      R. Mitsuhashi, G. Okada, K. Kurita, K. Kagawa, S. Kawahito, C. Koopipat, and N. Tsumura
    • Journal Title

      Artificial Life and Robotics

      Volume: 42 Issue: 3 Pages: 2062-2065

    • DOI

      10.1007/s10015-018-0430-5

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed
  • [Presentation] Forecasting Financial Market Volatility Using a Dynamic Topic Model2019

    • Author(s)
      Kawasaki, Y. and Morimoto, T.
    • Organizer
      ISI-ISM-ISSAS Joint Conference
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] ヒト社会的情報認知メカニズムとその個人差の生物学的基盤2018

    • Author(s)
      土居裕和
    • Organizer
      日本心理学会
    • Related Report
      2018 Annual Research Report
    • Invited
  • [Presentation] Temporal Course of Neural Processing during Skin Color Perception: An Event-related Potential Study2018

    • Author(s)
      Doi H, Tsumura N, Shinohara K.
    • Organizer
      ACM International Conference on Multimedia Retrieval - ICMR 2018 INTERNATIONAL JOINT WORKSHOP ON MULTIMEDIA ARTWORKS ANALYSIS AND ATTRACTIVENESS COMPUTING IN MULTIMEDIA
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The Impact of Large FX Orders on High-frequency Trading Behavior2018

    • Author(s)
      Stenfors, A., M.Susai
    • Organizer
      International Conference on Economic Theory and Policy
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The Impact of Strategic Limit Order Submissions on Foreign Exchange Market2018

    • Author(s)
      Stenfors, A., M.Susai
    • Organizer
      The Asian Pacific Association of Derivatives
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Spoofing and Pinging in Foreign Excahnge Market2018

    • Author(s)
      Stenfors, A., M.Susai
    • Organizer
      The 2018 Cross Country Perspective in Finance Symposium
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Comparison of EVT methods for GARCH-EVT approach applied to financial time series2018

    • Author(s)
      Kaibuchi, H. and Kawasaki, Y.
    • Organizer
      11th International Conference of the ERCIM WG on Computational and Methodological Statistics
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Book] 統計科学百科事典2018

    • Author(s)
      樋口知之,田中勝人,川崎能典,岩崎 学,岸野洋久,国友直人,栗原考次,酒折文武,瀬尾 隆,竹村彰通,西井龍映,廣瀬英雄,水田正弘,足立浩平,松田安昌,今泉 忠,田村義保,南 美穂子,柿沢佳秀,土屋隆裕 他
    • Total Pages
      2130
    • Publisher
      丸善出版
    • ISBN
      4621303104
    • Related Report
      2018 Annual Research Report

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Published: 2018-04-23   Modified: 2024-01-30  

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