A COMBINATION OF DOPAMINE GENES PREDICTS SUCCESS BY PROFESSIONAL WALL STREET TRADERS (SAPRA, BEAVIN & ZAK, 2012) ISAEVA K. ZHESTEREVA E. BULTSEVA M. LYSENKO A. VILEGZHANINA M.
WHY GENETICS? Recent research has shown that physiologic factors affect financial decisions: • testosterone and greater risk-taking • testosterone appear to influence the choice of a financial career and success The biological factors affecting financial decisions may have a genetic basis: • data from twins
TARGET OF STUDY Are there any specific sets of genetic alleles active in the brain that predispose one to be successful in finance? Neurotransmitter Dopamine (DA)
PARTICIPANTS Traders: 60 traders from 5 Wall Street firms 54 males 6 females Average age: 35. 4 years Experience: 9. 2 Controls: 54 graduate students from Claremont Graduate University, Southern California 44 males, 10 females Average age: 32. 4 years
METHOD Genotyping performed by PCR Logistic regression Chi-squared Myers-Briggs Type Indicator (MBTI) → Judging (J) or Perceiving (P)
SOME NECESSARY TERMS Genetic polymorphisms - genetic variation describes the variation in alleles of genes in a gene pool Gene - the molecular unit of heredity of a living organism Allele - one variant of gene Zygosity - the degree of similarity of the alleles for a trait in an organism – can be Homozygous and Heterozygous A variable number tandem repeat (or VNTR) - a location in a genome where a short nucleotide sequence is organized as a tandem repeat. These can be found on many chromosomes, and often show variations in length between individuals.
GENES Dopamine receptor 4 gene (DRD 4) – recognition of Dopamine • VNTR: ≥ 7 → less recognition, more risk taking • Long (L) and short (S) alleles: L - decrease in DRD 4 activity in the prefrontal cortex → novelty seeking, attention deficit, hyperactivity disorder, and substance abuse
CONT’D Catecholamine-O-methyltransferase gene (COMT) - catabolism of dopamine in the frontal cortex and the ventral striatum Valine (G) or a methionine (A) allele: Met allele - higher synaptic DA • G/G better on tasks demanding cognitive flexibility • A/A better at tasks demanding focused attention and show higher loss aversion behavior, decreased impulsivity and reduced novelty seeking.
CONT’D Monoamine oxidase A gene (MAO-A) - also involved in the catabolism of dopamine, and allelic variants of the MAO-A gene have been associated with sympathetic arousal and anxiety VNTR: • 4 - preference for long-shot risks and to a lower likelihood of obtaining protective insurance • 3 - increased likelihood of taking an advantageous financial risk
CONT’D Serotonin (SERT) gene - effect on anxiety and mood Long (L) and short (S) alleles: • L - higher serotonin activity • S - greater activity in the amygdala • S/S → less risk-taking than those with S/L or L/L variants.
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RESULTS 1. Alleles of COMT & DRD 4 predominant in traders compared to controls. • More traders had L/L allele compared to controls (70% vs. 53%) • Traders were nominally less likely to be S carriers than controls (30% vs. 47%) • Traders were significantly more predominate in A/A (31%) relative to controls (13%)
RESULTS Traders Controls DRD 4 e 3 non significant DRD 4 P Carriers of S 30 % 47 % L/L 70 % 53 % A/A (high DA) 31% 13% Non-carriers of S COMT G/G, A/G (low DA) MAO-A non significant
CONT’D 2. Combination of COMT & DRD 4 alleles are associated with being a trader. • Traders are more likely to have the A/A COMT allele and have at least one S allele for DRD 4
CONT’D 3. COMT associated DA levels had a positive and significant correlation with success as a trader. • High DA index: ≥ 15 years of working; less trades in volatile markets 4. P personality type had a 50% higher score on the DA index than did traders of the J type. 5. Traders with the high activity COMT allele and those who scored higher on the overall DA index are less likely to view the world in terms of ‘‘survival of the fittest’’.
MAIN CONCLUSION There is a positive correlation between success as a trader & the combination of alleles associated with intermediate levels of synaptic DA. So, having too little or too much risk-aversion is not associated with success by those in our sample, rather than taking a balanced level of risk.
TO SUM UP • Traders are analytical, integrative, and can delay gratification. • They have a genetic profile associated with balanced levels of dopamine, and also linked to moderate but not high risktaking behavior. • These traits may have a genetic predisposition.
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