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    Unavailable
    The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust
    Unavailable
    The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust
    Unavailable
    The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust
    Ebook417 pages7 hours

    The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust

    By John Coates

    4.5/5

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    Unavailable in your country

    Unavailable in your country

    About this ebook

    Now shortlisted for the 2012 Financial Times Business Book of the Year Award and the Wellcome Trust Book Prize, The Hour Between Dog and Wolf is a resonant exploration of economic behaviour and its consequences.

    Shortlisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award and the Wellcome Trust Book Prize, this startling and unconventional book from neuroscientist and former Wall Street trader John Coates shows us the bankers in their natural environment, revealing how their biochemistry has a lasting and significant impact on our economy.

    We learn how risk stimulates the most primitive part of the banker’s brain and how making the deals our bank balances depend on provokes an overwhelming fight-or-flight response. Constant swinging between aggression and apprehension impairs their judgment, causing economic upheaval in the wider world. The transformation between each split-second decision is what Coates calls the hour between dog and wolf, and understanding the biology behind bubbles and crashes may be the key to stabilising the markets.

    LanguageEnglish
    PublisherHarperCollins UK
    Release dateMay 10, 2012
    ISBN9780007465101
    Unavailable
    The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust
    Author

    John Coates

    John Coates is a senior research fellow in neuroscience and finance at the University of Cambridge. He previously worked on Wall Street for Goldman Sachs, and ran a trading desk for Deutsche Bank. In 2004 he returned to Cambridge to research the biology of financial risk-taking. His work has been published in the Proceedings of the National Academy of Sciences and the Financial Times and been cited in the New York Times, Wall Street Journal, The Economist, New Scientist, Wired and Time.

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    Reviews for The Hour Between Dog and Wolf

    4.5/5

    8 ratings3 reviews

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    • 3/5
      The author is a former bank trader, now a physiology researcher. He considers the impact of physiology on the performance of traders. He applies the "winner's effect" of successful harem breeders such as walrus and seals, to the activities of traders - when on a successful roll they get high doses of testosterone, feel invincible, and end up taking unreasonable risks, which results in erratic ups and downs in their performance. He also examines the corollary, where a traders undergoes prolonged stress during a downturn, and how the impact of stress on the body leads to excessive risk aversion. Amazing stuff. Clearly the application of these insights goes far beyond bank traders, but that field is the author's background and it makes for a highly topical book. Read December 2014
    • 5/5
      This is an outstanding book: well-written, informative and deeply engaging. It provides a summary of the latest research into the physiological effects of stress and risk-taking, with particular reference to financial markets. The picture it paints is absolutely compelling, and should be read by anyone who works with (or near) bank traders of any kind - the managers of those traders should be particularly interested!
    • 4/5
      In this Wellcome Trust shortlisted book, Coates describes his research into the feedback loop between testosterone and success in the financial market. When a person has high levels of testosterone, they are prone to risk taking - which generally promotes the market; however, success raises their testosterone levels, which increases their risks and creates bubbles (like the dot-com bubble) which are unnatural and eventually pop. Loss of money leads to decreased testosterone levels and release of stress hormones - which, if sustained for long periods of time can lead to a depressed, risk-averse market. This is when the government should step in and perk up the market themselves. (You can probably guess Coates' politics from that statement, but the book is generally apolitical.)I found Coates' research quite fascinating, and his writing was engaging to someone who's interested in the topic. I, unfortunately, am not generally interested in finance and so my attention wavered a bit during the finance-heavy bits. But the book was written in an approachable way such that I (who know nothing of the matter) could understand the financial/market bits and that someone who knows very little medicine could understand the science bits. In fact, it was shortlisted for the Wellcome Trust Book Prize because because it makes medicine approachable to the general population. For anyone interested in how hormones/neuroscience/psychology can affect the market, this would be an excellent book to pick up. An easy and interesting read.