Wired for Risk: ADHD’s Influence on Financial Behavior in Stock Trading

Wired for Risk: ADHD’s Influence on Financial Behavior in Stock Trading | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Wired for Risk: ADHD’s Influence on Financial Behavior in Stock Trading Max Witry, Marcel Schulze, Niklas Braun, Henrik Rohner, Johannes Weller, and 2 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5986322/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Importance Attention Deficit Hyperactivity Disorder (ADHD) is highly prevalent and presents significant health, social and economic risks. However, its impact on long-term financial strategies and personal financial management remains poorly understood. Gaining deeper insight is essential due to its wide-ranging societal implications. Objective To investigate the impact of ADHD on financial behavior and individual portfolio performance in a trading community. Methods A cross-sectional survey was conducted in 1520 individuals interested in stocks and finance, recruited through financial and health-focused online platforms. After excluding incomplete or ineligible responses, 945 participants were included in the analysis. ADHD traits and financial risk tolerance (FRT) were assessed using standardized, validated self-report questionnaires. Data on trading frequency, portfolio performance and other variables were based on participant’s individual reports. Results The study examined 945 participants, with a median age of 34 years and 74.5% male. Among them, 54 individuals (5.7%) met DSM-5 criteria for an ADHD diagnosis and were classified as ADHD positive. This group demonstrated greater FRT (p=0.025) and speculative risk-taking (p=0.015). ADHD traits showed a positive correlation with FRT (r = 0.079, p = 0.015) and a negative correlation with portfolio returns (r = -0.075, p = 0.02). Regression analyses identified trading frequency (B=0.769, p=0.046), speculative risk-taking (B=0.675, p=0.034) and higher portfolio expectations (B=1.237, p=0.041) as positive predictors of ADHD symptom scores. In contrast, higher portfolio returns (B=-1.067, p=0.019) and the investment risk score (B=-0.590, p=0.034) were negative predictors of ADHD traits. Conclusions The study revealed a higher than expected ADHD prevalence among participants, along with above-average FRT scores. Increased ADHD traits were associated with higher trading frequency and speculative risk-taking, while investment risk and portfolio returns were negatively impacted. These findings suggest that individuals with a high burden of ADHD traits may face significant challenges in financial decision-making, particularly in high risk trading settings such as speculative stock trading, where the potential for losses is heightened. Psychiatry Adult ADHD financial decision-making financial risk taking stock trading executive dysfunction Figures Figure 1 Key Points Question : Is there a link between ADHD traits and investors’ financial behavior on trading platforms? Findings: In a sample of 945 trading platform users, ADHD traits were related to increased financial risk tolerance and poorer portfolio performance. Rather than impulsivity, symptoms of inattention seemed to be relevant for financial behavior. Meaning: These findings suggest that ADHD might be a risk factor for lower returns in trading and investment due to executive dysfunction in affected individuals. 1. Introduction Attention-deficit/hyperactivity disorder (ADHD) is a neurodevelopmental disorder characterized by persistent inattention, hyperactivity and impulsivity, which affects both children and adults 1 . The global prevalence of adult ADHD is estimated at 2.6% 2 , with significant implications for academic, occupational and social functioning 3 . Adults with ADHD are at increased risk for financial difficulties, such as impulsive spending, accumulating debt and challenges with saving 4 . Compared to individuals without ADHD, they often have lower lifetime earnings and greater financial dependence on family and public welfare 5 . Financial decision-making in individuals with ADHD is often marked by maladaptive behaviors, including impulsive purchases and decision avoidance 6 . Research suggests that ADHD is associated with heightened temporal discounting 7 , favoring immediate rewards over delayed benefits, which may contribute to increased financial risk tolerance and more speculative investment behavior 8 . Impulsivity and overconfidence can further exacerbate decision-making challenges, leading to suboptimal financial outcomes 9 . Studies have shown that adults with ADHD exhibit decision-making impairments similar to attention deficits, particularly in tasks requiring cognitive control, where both deliberative and affective systems are involved 10 . These impairments tend to be most pronounced in individuals with ADHD-Combined presentation 11 . Financial risk tolerance (FRT) is a key determinant of investment behavior, influenced by factors such as gender, income and wealth 12 , 13 . Men, higher-income earners and wealthier individuals generally exhibit higher FRT, whereas life events including marriage and parenthood typically reduce risk-taking behavior 14 . Individuals with ADHD often exhibit heightened FRT due to a preference for immediate rewards, which can lead to riskier financial decisions 15 . Recent research has highlighted that adults with ADHD engage in significantly higher levels of financial risk-taking, particularly in investment and gambling. These decisions are driven overwhelmingly by expected benefits, with little regard for risk assessments 16 . This underscores the critical need for targeted interventions to improve financial decision-making in individuals with ADHD. While most research has focused on individuals with clinically diagnosed ADHD, this study extends existing work by examining ADHD traits within a broader community sample of active traders. We hypothesize that individuals with high ADHD traits will demonstrate greater financial risk tolerance, resulting in riskier financial decisions and poorer financial outcomes. An online survey was used to assess ADHD traits and financial risk tolerance through validated self-report instruments, alongside data collection on participants' financial behaviors. By investigating a community-based sample, this study offers new insights into the financial behaviors of individuals with ADHD traits, distinguishing it from previous research on clinically diagnosed individuals. 2. Methods Study Design and Participants This cross-sectional study was conducted via an online survey from September 5 to November 7, 2024, targeting active traders. Participants were primarily recruited through Getquin , an investment app, and financial forums from finanzen.net and Akademischer Börsenkreis Universität Halle e.V.. Additional recruitment methods included ADHD-related platforms ( ADHS Deutschland e.V., www.ADXS.org ) and local German journals ( General Anzeiger, Rheinisches Ärzteblatt ). To encourage participation, 10 premium Getquin accounts were offered as rewards. Prior to data collection, participants were provided with an overview of the study’s purpose, procedures, and data privacy policies, and informed consent was obtained. Ethical approval was granted by the local ethics committee (Ref. 2024-233-BO). Demographic and Trading Characteristics Collected demographic data included age, marital status, education level, income and assets. Trading behaviours were assessed based on time spent trading, portfolio tracking, transaction frequency and portfolio performance as well as portfolio expectation. ADHD Assessment ADHD traits were evaluated using the 22-item ADHS Selbstbeurteilungsskala (ADHS-SB) 17 , a validated German self-report questionnaire aligned with DSM-5 criteria 1 . This scale assesses inattention, hyperactivity and impulsivity, with responses rated on a 4-point scale (0 = absent to 3 = severe). Participants were classified as ADHD-positive if they endorsed ≥5 symptoms of inattention and/or hyperactivity-impulsivity, with symptom onset before age 12 and significant impairment in daily life. Since formal clinical diagnoses were not conducted, we refer to these scores as ADHD traits rather than symptoms. Financial Risk Tolerance (FRT) Assessment FRT was measured using the Grable Risk Tolerance Scale 13 , with higher scores indicating greater willingness to take financial risks. To allow for a more detailed analysis, all 20 items (see supplementary material) were recorded, and three subscores were calculated: 1. Guaranteed vs. Probable Gamble Score – Evaluates the ability to assess trade-offs between guaranteed returns and probabilistic gains. Items present scenarios requiring decisions between a certain, lower payout and a higher, uncertain outcome. 2. Speculative Risk Score – Measures willingness to engage in speculative financial activities, such as taking financial risks with uncertain but potentially high returns . 3. Investment Risk Score – Assesses risk tolerance in investment decisions, integrating financial knowledge and emotional resilience. Items reflect willingness to invest in higher-risk assets (e.g., equities, real estate) versus safer alternatives. Statistical Analysis Data analysis was performed using SPSS Version 30. Spearman’s rank correlation assessed relationships between ADHD traits, financial risk tolerance, trading frequency and portfolio returns. Independent t-tests were conducted to compare ADHD-positive and ADHD-negative participants, as well as to examine sex differences. Multiple regression analyses were performed to identify predictors of higher ADHD traits, using FRT subscores, portfolio return/expectations, portfolio tracking and trading frequency as independent variables. Assumptions of multicollinearity and residual independence were assessed using variance inflation factors (VIF) and the Durbin-Watson test. A p-value of < 0.05 was considered statistically significant. 3. Results Recruitment and Participant Flow A total of 1,520 participants were recruited, with 945 (62.2%) completing the survey with valid data. The remaining 575 participants (37.8%) were excluded due to incomplete responses, defined as providing less than 90% of the survey, finishing in under five minutes (average completion time was 12 minutes), or missing key data, such as trading frequency, portfolio performance and portfolio tracking. Participant Characteristics The median age of participants was 34 years (IQR 28–42), with the majority (54.1%) aged between 26 and 45 years. The sample was predominantly male (74.5%), with 24.9% female and 0.6% identifying as diverse. Marital status was as follows: 37.3% married, 34.8% single, and 62.6% had no children. Educational attainment was high: 66.1% held a high school diploma, 48.0% a university degree, 12.4% a doctorate and 1.7% a postdoctoral qualification. Nearly 60% reported net earnings exceeding €3,000 per month, and an above-average high proportion reported assets over €500,000 (20.3%, table 1). Financial Behaviors Participants were highly engaged in financial management, with 30.1% checking their portfolios multiple times daily. Common investments included exchange-traded funds (50.6%), individual stocks (26.5%) and real estate (9.9%). Most participants (90%) reported positive portfolio returns in the past year: 50.4% earned 0–10%, 30.0% earned 10–20% and 10.9% earned > 20%. Regarding trading frequency, 75% of participants traded fewer than five times per month, while 5% traded over 10 times and another 5% traded more than 20 times monthly (table 1). Prevalence of ADHD Traits The median ADHD symptom score was 17.53 (SD ± 13.9). According to DSM-5 criteria, 54 participants (5.7%) were classified as ADHD-positive. Of these, 30 (56%) exhibited primarily inattention symptoms, 17 (31%) exhibited hyperactivity/impulsivity and 7 (13%) showed a combined presentation. Financial Risk Tolerance (FRT) in ADHD FRT score was 29.5 (SD ± 5.9), with 22% classified as highly risk-tolerant. Participants in the ADHD-positive group had significantly higher mean FRT scores compared to the ADHD-negative group (30.9 vs. 29.4; p = 0.025) with greater speculative risk-taking (11.6 vs. 10.9; p = 0.015). No significant differences were found in gambling risk (13.1 vs. 12.5; p = 0.06) or investment risk scores (12.4 vs. 12.1; p = 0.29). ADHD traits were positively correlated with overall FRT (r = 0.079, p = 0.015), particularly with inattention symptoms (r = 0.103, p = 0.01, Fig. 1 ), but not with hyperactivity/impulsivity (p > 0.05). Moreover, ADHD traits were negatively correlated with portfolio returns over the past 12 months (r = -0.075, p = 0.02). Multivariable Associations Linear regression analysis identified several predictors of ADHD symptom scores. Positive predictors included higher trading frequency (B = 0.769, p = 0.046), speculative risk-taking (B = 0.675, p = 0.034) and optimistic portfolio expectations (B = 1.237, p = 0.041). Negative predictors included the investment risk score (B = -0.590, p = 0.034) and higher portfolio returns over the past 12 months (B = -1.067, p = 0.019). Sex Differences Significant sex differences were observed: males demonstrated higher mean FRT scores (30.4 vs. 26.8; p < 0.01) and better portfolio returns (4.5 vs. 4.1; p < 0.01), indicating greater financial risk tolerance and superior investment performance. In contrast, females reported higher ADHD symptom scores than males (19.1 vs. 15.9; p < 0.01). 4. Discussion This study highlights the significant influence of ADHD traits - particularly inattention - on key financial behaviors, including trading frequency, financial risk tolerance (FRT) and portfolio performance. Our findings indicate that ADHD traits are linked to higher FRT, increased trading frequency, and poorer financial outcomes, highlighting the challenges these traits present in financial decision-making. These results align with previous research showing that frequent trading is linked to lower portfolio returns, undermining the idea that excessive trading harms financial performance 18 . Our cohort, predominantly male (74.5%) with a median age of 34, exhibited higher-than-average education, wealth and risk tolerance compared to the general population 13 , 19 . The prevalence of ADHD, based on DSM-5 criteria, was 5.7%, slightly exceeding prior estimates 2 , 20 . While most participants (94.3%) did not meet full ADHD diagnostic criteria, many exhibited subclinical ADHD traits that significantly correlated with more risky financial decision-making. ADHD traits were further associated with speculative behaviors, consistent with research linking ADHD to delay aversion and increased tendencies toward gambling 21 . These behavioral tendencies may lead to high risk decisions, as individuals with ADHD prioritize immediate rewards over long-term outcomes 22 , 23 . In the context of stock market trading, individuals with ADHD may impulsively react to market fluctuations, favoring short-term gains over long-term strategic planning 24 . Additionally, ADHD traits may exacerbate behavioral biases, such as loss aversion, overconfidence and recency bias - each contributing to suboptimal financial decisions 22 , 25 , 26 While ADHD traits correlated positively with speculative risk-taking, they were negatively correlated with the investment risk score, suggesting that financial challenges are more linked to executive dysfunction - such as poor planning, organization and procrastination - than from an inherent preference for risk 27 . Additionally, lower investment risk scores, which reflect financial literacy and emotional resilience, suggest that individuals with ADHD symptoms struggle more with risk assessment and decision-making than with impulsivity alone 6 , 10 . Interestingly, no correlation was found between impulsivity and FRT. While unexpected, this finding suggests that impulsivity alone does not exert a strong influence on financial decision-making. Instead, impulsive decision-making appear to be more driven by other factors like personality traits, risk perception and expected benefits 6 . Supporting this, recent research indicates that individuals with ADHD tend to base financial risks more on expected benefits than on risk perception 16 .Moreover, the ADHD subscale used may not fully capture impulsivity, underscoring the need for more comprehensive measures, such as the Barratt Impulsiveness Scale 28 or the Conners' Adult ADHD Rating Scales (CAARS) 29 , in future research. Sex differences were also observed, with males showing higher FRT and better portfolio returns despite more risk-seeking behaviors, Contrasting with trends in the general population, where women typically adopt more cautious financial strategies and often outperform men 30 , 31 . However, ADHD traits in females were associated with lower FRT and poorer portfolio outcomes, highlighting a complex interplay between gender and ADHD in financial behavior. These findings also suggest that young men benefit most from heightened financial attention, which may explain the superior performance observed in riskier, more attentive investors 32 . This study highlights the unexpected impact of inattention on financial decision-making, calling for further investigation. A notable observation from our clinic was that several participants, after completing the survey, contacted us suspecting undiagnosed ADHD. This suggests that individuals may begin to recognize ADHD traits through reflection on their financial behaviors, particularly those with ADHD-Impulsive type, who are less likely to seek clinical evaluation. This self-awareness could be a crucial first step toward addressing financial decision-making challenges associated with ADHD. Interestingly, active traders from our ADHD outpatient clinic reported that stimulant treatment reduced their urge to frequently buy and sell stocks and obsess over market fluctuations. It is well-documented that excessive trading leads to negative outcomes, while prolonged market participation typically enhances performance 33 , 34 . These findings underscore the potential of ADHD treatments to improve both clinical outcomes and real-world financial decision-making. This study has several limitations. First, its cross-sectional design restricts our ability to draw causal conclusions regarding the relationship between ADHD traits and financial outcomes. Longitudinal studies are needed to assess how ADHD traits influence financial behaviors over time. Second, reliance on self-report measures introduce potential biases, and while the ADHD-SB is a validated screening tool, a formal clinical diagnosis would provide more precise insights into the relationship between ADHD and financial behaviors. Third, our sample was predominantly young, male and financially literate, which may limit the generalizability of our findings. Future research should aim to include a more diverse demographic, considering factors such as age, socioeconomic status, and geographic variability, to enhance the external validity of the findings. 5. Conclusion This study highlights associations between ADHD traits and financial behaviors like trading frequency, risk tolerance and speculative decision-making. While ADHD traits turn out to be linked to a preference for immediate rewards, they also correlate with poorer portfolio returns, suggesting that impaired decision-making - rather than a simple preference for risk - drives suboptimal financial outcomes. Gender differences were evident, with males exhibiting higher risk tolerance and better portfolio performance, while females with ADHD traits showed lower risk tolerance and weaker returns. These findings underscore the complex role of ADHD in financial decision-making and emphasize the need for targeted interventions to enhance decision-making and reduce impulsivity. Future longitudinal studies are essential to understanding the long-term financial impact of ADHD traits and developing strategies to mitigate their effects. References American Psychiatric Association. Diagnostic and Statistical Manual of Mental Disorders . Fifth Edition. American Psychiatric Association; 2013. doi:10.1176/appi.books.9780890425596 Song P, Zha M, Yang Q, Zhang Y, Li X, Rudan I. The prevalence of adult attention-deficit hyperactivity disorder: A global systematic review and meta-analysis. J Glob Health . 2021;11:04009. doi:10.7189/jogh.11.04009 Michielsen M, Comijs HC, Aartsen MJ, et al. The Relationships Between ADHD and Social Functioning and Participation in Older Adults in a Population-Based Study. J Atten Disord . 2015;19(5):368-379. doi:10.1177/1087054713515748 Jensen PS. Book Review: Barkley, R. A., Murphy, K. R., & Fischer, M. (2008). ADHD in Adults: What the Science Says. New York: Guilford. J Atten Disord . 2009;13(1):97-98. doi:10.1177/1087054709333321 Altszuler AR, Page TF, Gnagy EM, et al. Financial Dependence of Young Adults with Childhood ADHD. J Abnorm Child Psychol . 2016;44(6):1217-1229. doi:10.1007/s10802-015-0093-9 Bangma DF, Koerts J, Fuermaier ABM, et al. Financial decision-making in adults with ADHD. Neuropsychology . 2019;33(8):1065-1077. doi:10.1037/neu0000571 Scheres A, Lee A, Sumiya M. Temporal reward discounting and ADHD: task and symptom specific effects. J Neural Transm Vienna Austria 1996 . 2008;115(2):221-226. doi:10.1007/s00702-007-0813-6 Marx I, Hacker T, Yu X, Cortese S, Sonuga-Barke E. ADHD and the Choice of Small Immediate Over Larger Delayed Rewards: A Comparative Meta-Analysis of Performance on Simple Choice-Delay and Temporal Discounting Paradigms. J Atten Disord . 2021;25(2):171-187. doi:10.1177/1087054718772138 Mowinckel AM, Pedersen ML, Eilertsen E, Biele G. A Meta-Analysis of Decision-Making and Attention in Adults With ADHD. J Atten Disord . 2015;19(5):355-367. doi:10.1177/1087054714558872 Mäntylä T, Still J, Gullberg S, Del Missier F. Decision Making in Adults With ADHD. J Atten Disord . 2012;16(2):164-173. doi:10.1177/1087054709360494 Schulze M, Coghill D, Lux S, Philipsen A. Disentangling ADHD’s Presentation-Related Decision-Making—A Meta-Analytic Approach on Predominant Presentations. Front Psychiatry . 2021;12:519840. doi:10.3389/fpsyt.2021.519840 Kuzniak S, Rabbani A, Heo W, Ruiz-Menjivar J, Grable J. The Grable and Lytton risk-tolerance scale: A 15-year retrospective. Financ Serv Rev . 2015;24(2):177-192. doi:10.61190/fsr.v24i2.3240 Grable J, Lytton RH. Financial risk tolerance revisited: the development of a risk assessment instrument. Financ Serv Rev . 1999;8(3). doi:10.1016/S1057-0810(99)00041-4 Barber BM, Odean T. Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. Q J Econ . 2001;116(1):261-292. doi:10.1162/003355301556400 Bangma DF, Tucha L, Fuermaier ABM, Tucha O, Koerts J. Financial decision-making in a community sample of adults with and without current symptoms of ADHD. Sudzina F, ed. PLOS ONE . 2020;15(10):e0239343. doi:10.1371/journal.pone.0239343 Hamurcu Ç, Hamurcu HDY, Karakuş M. Financial risk-taking in adult attention deficit hyperactivity disorder. Rev Behav Finance . 2024;16(3):394-405. doi:10.1108/RBF-04-2023-0113 Rösler M, Retz W, Retz-Junginger P, et al. Instrumente zur Diagnostik der Aufmerksamkeitsdefizit-/Hyperaktivitätsstörung (ADHS) im Erwachsenenalter: Selbstbeurteilungsskala (ADHS-SB) und Diagnosecheckliste (ADHS-DC). Nervenarzt . 2004;75(9):888-895. doi:10.1007/s00115-003-1622-2 Guglielmo R, Ioime L, Janiri L. Is Pathological Trading an Overlooked Form of Addiction? Addict Health . 2016;8(3):207-209. Grable, John E. and Joo, So-Hyun,. Environmental and Biophysical Factors Associated with Financial Risk Tolerance. Journal of Financial Counseling and Planning . 2004;Vol. 15(No. 1). Faraone SV, Banaschewski T, Coghill D, et al. The World Federation of ADHD International Consensus Statement: 208 Evidence-based conclusions about the disorder. Neurosci Biobehav Rev . 2021;128:789-818. doi:10.1016/j.neubiorev.2021.01.022 Theule J, Hurl KE, Cheung K, Ward M, Henrikson B. Exploring the Relationships Between Problem Gambling and ADHD: A Meta-Analysis. J Atten Disord . 2019;23(12):1427-1437. doi:10.1177/1087054715626512 Thaler RH, Johnson EJ. Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Manag Sci . 1990;36(6):643-660. doi:10.1287/mnsc.36.6.643 Hoffmann AOI, Post T. How return and risk experiences shape investor beliefs and preferences. Smith T, ed. Account Finance . 2017;57(3):759-788. doi:10.1111/acfi.12169 Chachar AS, Shaikh MY. Decision-making and attention deficit hyperactivity disorder: neuroeconomic perspective. Front Neurosci . 2024;18:1339825. doi:10.3389/fnins.2024.1339825 Guillemette M, Finke MS, Gilliam JR. Risk Tolerance Questions to Best Determine Client Portfolio Allocation Preferences. Househ Finance EJournal . Published online 2012. https://api.semanticscholar.org/CorpusID:153584998 Rabbani AG, Grable JE, O’Neill B, Lawrence F, Yao Z. Financial Risk Tolerance Before and After a Stock Market Shock: Testing the Recency Bias Hypothesis. J Financ Couns Plan . Published online December 24, 2020:JFCP-19-00025. doi:10.1891/JFCP-19-00025 Swanson JM. Role of executive function in ADHD. J Clin Psychiatry . 2003;64 Suppl 14:35-39. Patton JH, Stanford MS, Barratt ES. Factor structure of the barratt impulsiveness scale. J Clin Psychol . 1995;51(6):768-774. doi:10.1002/1097-4679(199511)51:63.0.CO;2-1 Conners, C. K., Erhardt, D., & Sparrow, E. P. Conners’ Adult ADHD Rating Scales (CAARS): Technical Manual. Multi-Health Systems .; 1999. Majumdar S, Kumar Mishra A, Chandra A. Do fund managers’ performance rely on gender and team size? Evidence from India. North Am J Econ Finance . 2024;71:102094. doi:10.1016/j.najef.2024.102094 Cueva C, Iturbe-Ormaetxe I, Ponti G, Tomás J. Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence. J Econ Behav Organ . 2019;160:100-120. doi:10.1016/j.jebo.2019.02.027 Davydov D, Eskner K, Peltomäki J. Gender gap in investment performance revisited: The role of attention. Eur Financ Manag . Published online September 29, 2024:eufm.12518. doi:10.1111/eufm.12518 Joo S hyun, Grable JE. An Exploratory Framework of the Determinants of Financial Satisfaction. J Fam Econ Issues . 2004;25(1):25-50. doi:10.1023/B:JEEI.0000016722.37994.9f Garay U, Pulga F. The performance of retail investors, trading intensity and time in the market: evide Tables Tables 1 to 2 are available in the Supplementary Files section Additional Declarations The authors declare no competing interests. Supplementary Files Tables.docx Supplementarymaterial.docx Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5986322","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":412902543,"identity":"afca3713-d1f5-4835-ac55-f10e2c00a9d4","order_by":0,"name":"Max Witry","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA00lEQVRIiWNgGAWjYNACAyBmb2BmhvASiNIC1MNzgCQtIGskEojUott+xoCZp+BPvsHNN8bGBRV38hjYkw/g1WJ2Ji2BmcfAwHLD7Rzj5BlnnhUz8DzDb43ZgeQDzDkGQADUcpi37XBig0SOAX4t5x82QLTcPAPTkv8Bv5YbMFtu8BgnQ23BqwOo5VnC4T8GxgaSZ9KKjWecOZzYxvOMkMNyDB/O+CNnwHf88GbpgorDif3syQ/wWwMEB0CEwgEoj42gehiQbyBa6SgYBaNgFIw0AAAG5ke6O1U8tAAAAABJRU5ErkJggg==","orcid":"https://orcid.org/0000-0002-3440-5263","institution":"University Hospital Bonn","correspondingAuthor":true,"prefix":"","firstName":"Max","middleName":"","lastName":"Witry","suffix":""},{"id":412902546,"identity":"be920aee-4dad-4b2c-beb5-1a5c1c84b8a3","order_by":1,"name":"Marcel Schulze","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Marcel","middleName":"","lastName":"Schulze","suffix":""},{"id":412902862,"identity":"f38ba8b1-ed62-4f2c-97f6-4d882d70ddfb","order_by":2,"name":"Niklas Braun","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Niklas","middleName":"","lastName":"Braun","suffix":""},{"id":412902863,"identity":"4d59da6a-1e13-4e8e-b282-eada053b2467","order_by":3,"name":"Henrik Rohner","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Henrik","middleName":"","lastName":"Rohner","suffix":""},{"id":412902864,"identity":"b2173e8c-0ffc-458e-9d40-266ea1d6031b","order_by":4,"name":"Johannes Weller","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Johannes","middleName":"","lastName":"Weller","suffix":""},{"id":412902865,"identity":"e79990b6-bece-40a7-ae3e-bbc5225c8529","order_by":5,"name":"Alexandra Philipsen","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Alexandra","middleName":"","lastName":"Philipsen","suffix":""},{"id":412902866,"identity":"021fdb75-f5ea-4bfd-8217-05bbd1b6392e","order_by":6,"name":"Markus Kölle","email":"","orcid":"","institution":"University Hospital Bonn","correspondingAuthor":false,"prefix":"","firstName":"Markus","middleName":"","lastName":"Kölle","suffix":""}],"badges":[],"createdAt":"2025-02-08 08:25:55","currentVersionCode":1,"declarations":{"humanSubjects":false,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":false,"humanSubjectConsent":false,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false},"doi":"10.21203/rs.3.rs-5986322/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5986322/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":76010011,"identity":"34c46fc9-362f-4afe-96b8-8933d1037a0b","added_by":"auto","created_at":"2025-02-11 12:05:32","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":44466,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eScatter Plot – ADHD-SB vs. Financial Risk Tolerance (FRT) Score.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eNote: Scatter plot depicting the relationship between inattention specific ADHD-SB scores (X-axis) and Financial Risk Tolerance (FRT) scores (Y-axis). Each point represents an individual participant’s scores.\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-5986322/v1/d1501a6d7998be6c38a5bad4.png"},{"id":76011505,"identity":"9ee0b085-e364-43bc-8bfe-af1337f84c47","added_by":"auto","created_at":"2025-02-11 12:21:37","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":619884,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5986322/v1/b31ef60e-ccc8-4dac-9b8d-8ab13edc1093.pdf"},{"id":76010012,"identity":"f4f7eb73-0dc3-41e3-b2f3-6823115d2640","added_by":"auto","created_at":"2025-02-11 12:05:32","extension":"docx","order_by":1,"title":"","display":"","copyAsset":false,"role":"supplement","size":73301,"visible":true,"origin":"","legend":"","description":"","filename":"Tables.docx","url":"https://assets-eu.researchsquare.com/files/rs-5986322/v1/068424ca7cb6d3b4503da7a7.docx"},{"id":76010010,"identity":"66a4717d-0677-4d98-b639-0f5780932c9b","added_by":"auto","created_at":"2025-02-11 12:05:32","extension":"docx","order_by":2,"title":"","display":"","copyAsset":false,"role":"supplement","size":17323,"visible":true,"origin":"","legend":"","description":"","filename":"Supplementarymaterial.docx","url":"https://assets-eu.researchsquare.com/files/rs-5986322/v1/696cbeb49bdc751f3117e1f6.docx"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eWired for Risk: ADHD’s Influence on Financial Behavior in Stock Trading\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"Key Points","content":"\u003cp\u003e\u003cstrong\u003eQuestion\u003c/strong\u003e:\u0026nbsp;Is there a link between ADHD traits and investors’ financial behavior on trading platforms?\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFindings:\u003c/strong\u003e In a sample of 945 trading platform users, ADHD traits were related to increased financial risk tolerance and poorer portfolio performance. Rather than impulsivity, symptoms of inattention seemed to be relevant for financial behavior. \u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMeaning:\u003c/strong\u003e These findings suggest that ADHD might be a risk factor for lower returns in trading and investment due to executive dysfunction in affected individuals.\u0026nbsp;\u003c/p\u003e"},{"header":"1. Introduction","content":"\u003cp\u003eAttention-deficit/hyperactivity disorder (ADHD) is a neurodevelopmental disorder characterized by persistent inattention, hyperactivity and impulsivity, which affects both children and adults\u003csup\u003e\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e1\u003c/span\u003e\u003c/sup\u003e. The global prevalence of adult ADHD is estimated at 2.6%\u003csup\u003e2\u003c/sup\u003e, with significant implications for academic, occupational and social functioning\u003csup\u003e\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e3\u003c/span\u003e\u003c/sup\u003e. Adults with ADHD are at increased risk for financial difficulties, such as impulsive spending, accumulating debt and challenges with saving\u003csup\u003e\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e4\u003c/span\u003e\u003c/sup\u003e. Compared to individuals without ADHD, they often have lower lifetime earnings and greater financial dependence on family and public welfare\u003csup\u003e\u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e5\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e \u003cp\u003eFinancial decision-making in individuals with ADHD is often marked by maladaptive behaviors, including impulsive purchases and decision avoidance\u003csup\u003e\u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e6\u003c/span\u003e\u003c/sup\u003e. Research suggests that ADHD is associated with heightened temporal discounting\u003csup\u003e\u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e7\u003c/span\u003e\u003c/sup\u003e, favoring immediate rewards over delayed benefits, which may contribute to increased financial risk tolerance and more speculative investment behavior\u003csup\u003e\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e8\u003c/span\u003e\u003c/sup\u003e. Impulsivity and overconfidence can further exacerbate decision-making challenges, leading to suboptimal financial outcomes\u003csup\u003e\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e9\u003c/span\u003e\u003c/sup\u003e. Studies have shown that adults with ADHD exhibit decision-making impairments similar to attention deficits, particularly in tasks requiring cognitive control, where both deliberative and affective systems are involved\u003csup\u003e\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e10\u003c/span\u003e\u003c/sup\u003e. These impairments tend to be most pronounced in individuals with ADHD-Combined presentation\u003csup\u003e\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e11\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e \u003cp\u003eFinancial risk tolerance (FRT) is a key determinant of investment behavior, influenced by factors such as gender, income and wealth\u003csup\u003e\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e12\u003c/span\u003e,\u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e13\u003c/span\u003e\u003c/sup\u003e. Men, higher-income earners and wealthier individuals generally exhibit higher FRT, whereas life events including marriage and parenthood typically reduce risk-taking behavior\u003csup\u003e\u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e14\u003c/span\u003e\u003c/sup\u003e. Individuals with ADHD often exhibit heightened FRT due to a preference for immediate rewards, which can lead to riskier financial decisions\u003csup\u003e\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e15\u003c/span\u003e\u003c/sup\u003e. Recent research has highlighted that adults with ADHD engage in significantly higher levels of financial risk-taking, particularly in investment and gambling. These decisions are driven overwhelmingly by expected benefits, with little regard for risk assessments\u003csup\u003e\u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e16\u003c/span\u003e\u003c/sup\u003e. This underscores the critical need for targeted interventions to improve financial decision-making in individuals with ADHD.\u003c/p\u003e \u003cp\u003eWhile most research has focused on individuals with clinically diagnosed ADHD, this study extends existing work by examining ADHD traits within a broader community sample of active traders. We hypothesize that individuals with high ADHD traits will demonstrate greater financial risk tolerance, resulting in riskier financial decisions and poorer financial outcomes. An online survey was used to assess ADHD traits and financial risk tolerance through validated self-report instruments, alongside data collection on participants' financial behaviors. By investigating a community-based sample, this study offers new insights into the financial behaviors of individuals with ADHD traits, distinguishing it from previous research on clinically diagnosed individuals.\u003c/p\u003e"},{"header":"2. Methods","content":"\u003cp\u003e\u003cstrong\u003eStudy Design and Participants\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis cross-sectional study was conducted via an online survey from September 5 to November 7, 2024, targeting active traders. Participants were primarily recruited through \u003cem\u003eGetquin\u003c/em\u003e, an investment app, and financial forums from \u003cem\u003efinanzen.net\u003c/em\u003e and \u003cem\u003eAkademischer Börsenkreis Universität Halle e.V..\u003c/em\u003e Additional recruitment methods included ADHD-related platforms (\u003cem\u003eADHS Deutschland e.V., www.ADXS.org\u003c/em\u003e) and local German journals (\u003cem\u003eGeneral Anzeiger, Rheinisches Ärzteblatt\u003c/em\u003e).\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eTo encourage participation, 10 premium Getquin accounts were offered as rewards. Prior to data collection, participants were provided with an overview of the study’s purpose, procedures, and data privacy policies, and informed consent was obtained. Ethical approval was granted by the local ethics committee (Ref. 2024-233-BO).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eDemographic and Trading Characteristics\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eCollected demographic data included age, marital status, education level, income and assets. Trading behaviours were assessed based on time spent trading, portfolio tracking, transaction frequency and portfolio performance as well as portfolio expectation.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eADHD Assessment\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eADHD traits were evaluated using the 22-item ADHS Selbstbeurteilungsskala (ADHS-SB)\u003csup\u003e17\u003c/sup\u003e, a validated German self-report questionnaire aligned with DSM-5 criteria\u003csup\u003e1\u003c/sup\u003e. This scale assesses inattention, hyperactivity and impulsivity, with responses rated on a 4-point scale (0 = absent to 3 = severe). Participants were classified as ADHD-positive if they endorsed ≥5 symptoms of inattention and/or hyperactivity-impulsivity, with symptom onset before age 12 and significant impairment in daily life. Since formal clinical diagnoses were not conducted, we refer to these scores as ADHD traits rather than symptoms.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFinancial Risk Tolerance (FRT) Assessment\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFRT was measured using the Grable Risk Tolerance Scale\u003csup\u003e13\u003c/sup\u003e, with higher scores indicating greater willingness to take financial risks. To allow for a more detailed analysis, all 20 items (see supplementary material) were recorded, and three subscores were calculated:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e1.\u0026nbsp; \u0026nbsp;Guaranteed vs. Probable Gamble Score\u0026nbsp;\u003c/strong\u003e– Evaluates the ability to assess trade-offs between guaranteed returns and probabilistic gains. Items present scenarios requiring decisions between a certain, lower payout and a higher, uncertain outcome.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u0026nbsp; \u0026nbsp;Speculative Risk Score\u0026nbsp;\u003c/strong\u003e– Measures willingness to engage in speculative financial activities, such as taking financial risks with uncertain but potentially high returns\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e3.\u0026nbsp; \u0026nbsp;Investment Risk Score\u0026nbsp;\u003c/strong\u003e– Assesses risk tolerance in investment decisions, integrating financial knowledge and emotional resilience. Items reflect willingness to invest in higher-risk assets (e.g., equities, real estate) versus safer alternatives.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eStatistical Analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eData analysis was performed using SPSS Version 30. Spearman’s rank correlation assessed relationships between ADHD traits, financial risk tolerance, trading frequency and portfolio returns. Independent t-tests were conducted to compare ADHD-positive and ADHD-negative participants, as well as to examine sex differences. Multiple regression analyses were performed to identify predictors of higher ADHD traits, using FRT subscores, portfolio return/expectations, portfolio tracking and trading frequency as independent variables. Assumptions of multicollinearity and residual independence were assessed using variance inflation factors (VIF) and the Durbin-Watson test. A p-value of \u0026lt; 0.05 was considered statistically significant.\u003c/p\u003e"},{"header":"3. Results","content":"\u003cp\u003e \u003cb\u003eRecruitment and Participant Flow\u003c/b\u003e \u003c/p\u003e \u003cp\u003eA total of 1,520 participants were recruited, with 945 (62.2%) completing the survey with valid data. The remaining 575 participants (37.8%) were excluded due to incomplete responses, defined as providing less than 90% of the survey, finishing in under five minutes (average completion time was 12 minutes), or missing key data, such as trading frequency, portfolio performance and portfolio tracking.\u003c/p\u003e \u003cp\u003e \u003cb\u003eParticipant Characteristics\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe median age of participants was 34 years (IQR 28\u0026ndash;42), with the majority (54.1%) aged between 26 and 45 years. The sample was predominantly male (74.5%), with 24.9% female and 0.6% identifying as diverse. Marital status was as follows: 37.3% married, 34.8% single, and 62.6% had no children. Educational attainment was high: 66.1% held a high school diploma, 48.0% a university degree, 12.4% a doctorate and 1.7% a postdoctoral qualification. Nearly 60% reported net earnings exceeding \u0026euro;3,000 per month, and an above-average high proportion reported assets over \u0026euro;500,000 (20.3%, table 1).\u003c/p\u003e \u003cp\u003e \u003cb\u003eFinancial Behaviors\u003c/b\u003e \u003c/p\u003e \u003cp\u003eParticipants were highly engaged in financial management, with 30.1% checking their portfolios multiple times daily. Common investments included exchange-traded funds (50.6%), individual stocks (26.5%) and real estate (9.9%). Most participants (90%) reported positive portfolio returns in the past year: 50.4% earned 0\u0026ndash;10%, 30.0% earned 10\u0026ndash;20% and 10.9% earned\u0026thinsp;\u0026gt;\u0026thinsp;20%. Regarding trading frequency, 75% of participants traded fewer than five times per month, while 5% traded over 10 times and another 5% traded more than 20 times monthly (table 1).\u003c/p\u003e \u003cp\u003e \u003cb\u003ePrevalence of ADHD Traits\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe median ADHD symptom score was 17.53 (SD\u0026thinsp;\u0026plusmn;\u0026thinsp;13.9). According to DSM-5 criteria, 54 participants (5.7%) were classified as ADHD-positive. Of these, 30 (56%) exhibited primarily inattention symptoms, 17 (31%) exhibited hyperactivity/impulsivity and 7 (13%) showed a combined presentation.\u003c/p\u003e \u003cp\u003e \u003cb\u003eFinancial Risk Tolerance (FRT) in ADHD\u003c/b\u003e \u003c/p\u003e \u003cp\u003eFRT score was 29.5 (SD\u0026thinsp;\u0026plusmn;\u0026thinsp;5.9), with 22% classified as highly risk-tolerant. Participants in the ADHD-positive group had significantly higher mean FRT scores compared to the ADHD-negative group (30.9 vs. 29.4; p\u0026thinsp;=\u0026thinsp;0.025) with greater speculative risk-taking (11.6 vs. 10.9; p\u0026thinsp;=\u0026thinsp;0.015). No significant differences were found in gambling risk (13.1 vs. 12.5; p\u0026thinsp;=\u0026thinsp;0.06) or investment risk scores (12.4 vs. 12.1; p\u0026thinsp;=\u0026thinsp;0.29). ADHD traits were positively correlated with overall FRT (r\u0026thinsp;=\u0026thinsp;0.079, p\u0026thinsp;=\u0026thinsp;0.015), particularly with inattention symptoms (r\u0026thinsp;=\u0026thinsp;0.103, p\u0026thinsp;=\u0026thinsp;0.01, Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e), but not with hyperactivity/impulsivity (p\u0026thinsp;\u0026gt;\u0026thinsp;0.05). Moreover, ADHD traits were negatively correlated with portfolio returns over the past 12 months (r = -0.075, p\u0026thinsp;=\u0026thinsp;0.02).\u003c/p\u003e \u003cp\u003e \u003cb\u003eMultivariable Associations\u003c/b\u003e \u003c/p\u003e \u003cp\u003eLinear regression analysis identified several predictors of ADHD symptom scores. Positive predictors included higher trading frequency (B\u0026thinsp;=\u0026thinsp;0.769, p\u0026thinsp;=\u0026thinsp;0.046), speculative risk-taking (B\u0026thinsp;=\u0026thinsp;0.675, p\u0026thinsp;=\u0026thinsp;0.034) and optimistic portfolio expectations (B\u0026thinsp;=\u0026thinsp;1.237, p\u0026thinsp;=\u0026thinsp;0.041). Negative predictors included the investment risk score (B = -0.590, p\u0026thinsp;=\u0026thinsp;0.034) and higher portfolio returns over the past 12 months (B = -1.067, p\u0026thinsp;=\u0026thinsp;0.019).\u003c/p\u003e \u003cp\u003e \u003cb\u003eSex Differences\u003c/b\u003e \u003c/p\u003e \u003cp\u003eSignificant sex differences were observed: males demonstrated higher mean FRT scores (30.4 vs. 26.8; p\u0026thinsp;\u0026lt;\u0026thinsp;0.01) and better portfolio returns (4.5 vs. 4.1; p\u0026thinsp;\u0026lt;\u0026thinsp;0.01), indicating greater financial risk tolerance and superior investment performance. In contrast, females reported higher ADHD symptom scores than males (19.1 vs. 15.9; p\u0026thinsp;\u0026lt;\u0026thinsp;0.01).\u003c/p\u003e"},{"header":"4. Discussion","content":"\u003cp\u003eThis study highlights the significant influence of ADHD traits - particularly inattention - on key financial behaviors, including trading frequency, financial risk tolerance (FRT) and portfolio performance. Our findings indicate that ADHD traits are linked to higher FRT, increased trading frequency, and poorer financial outcomes, highlighting the challenges these traits present in financial decision-making. These results align with previous research showing that frequent trading is linked to lower portfolio returns, undermining the idea that excessive trading harms financial performance\u003csup\u003e\u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e18\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e \u003cp\u003eOur cohort, predominantly male (74.5%) with a median age of 34, exhibited higher-than-average education, wealth and risk tolerance compared to the general population\u003csup\u003e\u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e13\u003c/span\u003e,\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e19\u003c/span\u003e\u003c/sup\u003e. The prevalence of ADHD, based on DSM-5 criteria, was 5.7%, slightly exceeding prior estimates\u003csup\u003e\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2\u003c/span\u003e,\u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e20\u003c/span\u003e\u003c/sup\u003e. While most participants (94.3%) did not meet full ADHD diagnostic criteria, many exhibited subclinical ADHD traits that significantly correlated with more risky financial decision-making.\u003c/p\u003e \u003cp\u003eADHD traits were further associated with speculative behaviors, consistent with research linking ADHD to delay aversion and increased tendencies toward gambling\u003csup\u003e\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e21\u003c/span\u003e\u003c/sup\u003e. These behavioral tendencies may lead to high risk decisions, as individuals with ADHD prioritize immediate rewards over long-term outcomes\u003csup\u003e\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e22\u003c/span\u003e,\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e23\u003c/span\u003e\u003c/sup\u003e. In the context of stock market trading, individuals with ADHD may impulsively react to market fluctuations, favoring short-term gains over long-term strategic planning\u003csup\u003e\u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e24\u003c/span\u003e\u003c/sup\u003e. Additionally, ADHD traits may exacerbate behavioral biases, such as loss aversion, overconfidence and recency bias - each contributing to suboptimal financial decisions\u003csup\u003e\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e22\u003c/span\u003e,\u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e25\u003c/span\u003e,\u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e26\u003c/span\u003e\u003c/sup\u003e\u003c/p\u003e \u003cp\u003eWhile ADHD traits correlated positively with speculative risk-taking, they were negatively correlated with the investment risk score, suggesting that financial challenges are more linked to executive dysfunction - such as poor planning, organization and procrastination - than from an inherent preference for risk\u003csup\u003e\u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e27\u003c/span\u003e\u003c/sup\u003e. Additionally, lower investment risk scores, which reflect financial literacy and emotional resilience, suggest that individuals with ADHD symptoms struggle more with risk assessment and decision-making than with impulsivity alone\u003csup\u003e\u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e6\u003c/span\u003e,\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e10\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e \u003cp\u003eInterestingly, no correlation was found between impulsivity and FRT. While unexpected, this finding suggests that impulsivity alone does not exert a strong influence on financial decision-making. Instead, impulsive decision-making appear to be more driven by other factors like personality traits, risk perception and expected benefits\u003csup\u003e\u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e6\u003c/span\u003e\u003c/sup\u003e. Supporting this, recent research indicates that individuals with ADHD tend to base financial risks more on expected benefits than on risk perception\u003csup\u003e\u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e16\u003c/span\u003e\u003c/sup\u003e.Moreover, the ADHD subscale used may not fully capture impulsivity, underscoring the need for more comprehensive measures, such as the \u003cem\u003eBarratt Impulsiveness Scale\u003c/em\u003e\u003csup\u003e\u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e28\u003c/span\u003e\u003c/sup\u003e or the \u003cem\u003eConners' Adult ADHD Rating Scales\u003c/em\u003e (CAARS)\u003csup\u003e\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e29\u003c/span\u003e\u003c/sup\u003e, in future research.\u003c/p\u003e \u003cp\u003eSex differences were also observed, with males showing higher FRT and better portfolio returns despite more risk-seeking behaviors, Contrasting with trends in the general population, where women typically adopt more cautious financial strategies and often outperform men\u003csup\u003e\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e30\u003c/span\u003e,\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e31\u003c/span\u003e\u003c/sup\u003e. However, ADHD traits in females were associated with lower FRT and poorer portfolio outcomes, highlighting a complex interplay between gender and ADHD in financial behavior. These findings also suggest that young men benefit most from heightened financial attention, which may explain the superior performance observed in riskier, more attentive investors\u003csup\u003e\u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e32\u003c/span\u003e\u003c/sup\u003e. This study highlights the unexpected impact of inattention on financial decision-making, calling for further investigation.\u003c/p\u003e \u003cp\u003eA notable observation from our clinic was that several participants, after completing the survey, contacted us suspecting undiagnosed ADHD. This suggests that individuals may begin to recognize ADHD traits through reflection on their financial behaviors, particularly those with ADHD-Impulsive type, who are less likely to seek clinical evaluation. This self-awareness could be a crucial first step toward addressing financial decision-making challenges associated with ADHD. Interestingly, active traders from our ADHD outpatient clinic reported that stimulant treatment reduced their urge to frequently buy and sell stocks and obsess over market fluctuations. It is well-documented that excessive trading leads to negative outcomes, while prolonged market participation typically enhances performance\u003csup\u003e\u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e33\u003c/span\u003e,\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e34\u003c/span\u003e\u003c/sup\u003e. These findings underscore the potential of ADHD treatments to improve both clinical outcomes and real-world financial decision-making.\u003c/p\u003e \u003cp\u003eThis study has several limitations. First, its cross-sectional design restricts our ability to draw causal conclusions regarding the relationship between ADHD traits and financial outcomes. Longitudinal studies are needed to assess how ADHD traits influence financial behaviors over time. Second, reliance on self-report measures introduce potential biases, and while the ADHD-SB is a validated screening tool, a formal clinical diagnosis would provide more precise insights into the relationship between ADHD and financial behaviors. Third, our sample was predominantly young, male and financially literate, which may limit the generalizability of our findings. Future research should aim to include a more diverse demographic, considering factors such as age, socioeconomic status, and geographic variability, to enhance the external validity of the findings.\u003c/p\u003e"},{"header":"5. Conclusion","content":"\u003cp\u003eThis study highlights associations between ADHD traits and financial behaviors like trading frequency, risk tolerance and speculative decision-making. While ADHD traits turn out to be linked to a preference for immediate rewards, they also correlate with poorer portfolio returns, suggesting that impaired decision-making - rather than a simple preference for risk - drives suboptimal financial outcomes. Gender differences were evident, with males exhibiting higher risk tolerance and better portfolio performance, while females with ADHD traits showed lower risk tolerance and weaker returns. These findings underscore the complex role of ADHD in financial decision-making and emphasize the need for targeted interventions to enhance decision-making and reduce impulsivity. Future longitudinal studies are essential to understanding the long-term financial impact of ADHD traits and developing strategies to mitigate their effects.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAmerican Psychiatric Association. \u003cem\u003eDiagnostic and Statistical Manual of Mental Disorders\u003c/em\u003e. Fifth Edition. American Psychiatric Association; 2013. doi:10.1176/appi.books.9780890425596\u003c/li\u003e\n\u003cli\u003eSong P, Zha M, Yang Q, Zhang Y, Li X, Rudan I. The prevalence of adult attention-deficit hyperactivity disorder: A global systematic review and meta-analysis. \u003cem\u003eJ Glob Health\u003c/em\u003e. 2021;11:04009. doi:10.7189/jogh.11.04009\u003c/li\u003e\n\u003cli\u003eMichielsen M, Comijs HC, Aartsen MJ, et al. The Relationships Between ADHD and Social Functioning and Participation in Older Adults in a Population-Based Study. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2015;19(5):368-379. doi:10.1177/1087054713515748\u003c/li\u003e\n\u003cli\u003eJensen PS. Book Review: Barkley, R. A., Murphy, K. R., \u0026amp; Fischer, M. (2008). ADHD in Adults: What the Science Says. New York: Guilford. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2009;13(1):97-98. doi:10.1177/1087054709333321\u003c/li\u003e\n\u003cli\u003eAltszuler AR, Page TF, Gnagy EM, et al. Financial Dependence of Young Adults with Childhood ADHD. \u003cem\u003eJ Abnorm Child Psychol\u003c/em\u003e. 2016;44(6):1217-1229. doi:10.1007/s10802-015-0093-9\u003c/li\u003e\n\u003cli\u003eBangma DF, Koerts J, Fuermaier ABM, et al. Financial decision-making in adults with ADHD. \u003cem\u003eNeuropsychology\u003c/em\u003e. 2019;33(8):1065-1077. doi:10.1037/neu0000571\u003c/li\u003e\n\u003cli\u003eScheres A, Lee A, Sumiya M. Temporal reward discounting and ADHD: task and symptom specific effects. \u003cem\u003eJ Neural Transm Vienna Austria 1996\u003c/em\u003e. 2008;115(2):221-226. doi:10.1007/s00702-007-0813-6\u003c/li\u003e\n\u003cli\u003eMarx I, Hacker T, Yu X, Cortese S, Sonuga-Barke E. ADHD and the Choice of Small Immediate Over Larger Delayed Rewards: A Comparative Meta-Analysis of Performance on Simple Choice-Delay and Temporal Discounting Paradigms. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2021;25(2):171-187. doi:10.1177/1087054718772138\u003c/li\u003e\n\u003cli\u003eMowinckel AM, Pedersen ML, Eilertsen E, Biele G. A Meta-Analysis of Decision-Making and Attention in Adults With ADHD. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2015;19(5):355-367. doi:10.1177/1087054714558872\u003c/li\u003e\n\u003cli\u003eM\u0026auml;ntyl\u0026auml; T, Still J, Gullberg S, Del Missier F. Decision Making in Adults With ADHD. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2012;16(2):164-173. doi:10.1177/1087054709360494\u003c/li\u003e\n\u003cli\u003eSchulze M, Coghill D, Lux S, Philipsen A. Disentangling ADHD\u0026rsquo;s Presentation-Related Decision-Making\u0026mdash;A Meta-Analytic Approach on Predominant Presentations. \u003cem\u003eFront Psychiatry\u003c/em\u003e. 2021;12:519840. doi:10.3389/fpsyt.2021.519840\u003c/li\u003e\n\u003cli\u003eKuzniak S, Rabbani A, Heo W, Ruiz-Menjivar J, Grable J. The Grable and Lytton risk-tolerance scale: A 15-year retrospective. \u003cem\u003eFinanc Serv Rev\u003c/em\u003e. 2015;24(2):177-192. doi:10.61190/fsr.v24i2.3240\u003c/li\u003e\n\u003cli\u003eGrable J, Lytton RH. Financial risk tolerance revisited: the development of a risk assessment instrument. \u003cem\u003eFinanc Serv Rev\u003c/em\u003e. 1999;8(3). doi:10.1016/S1057-0810(99)00041-4\u003c/li\u003e\n\u003cli\u003eBarber BM, Odean T. Boys will be Boys: Gender, Overconfidence, and Common Stock Investment. \u003cem\u003eQ J Econ\u003c/em\u003e. 2001;116(1):261-292. doi:10.1162/003355301556400\u003c/li\u003e\n\u003cli\u003eBangma DF, Tucha L, Fuermaier ABM, Tucha O, Koerts J. Financial decision-making in a community sample of adults with and without current symptoms of ADHD. Sudzina F, ed. \u003cem\u003ePLOS ONE\u003c/em\u003e. 2020;15(10):e0239343. doi:10.1371/journal.pone.0239343\u003c/li\u003e\n\u003cli\u003eHamurcu \u0026Ccedil;, Hamurcu HDY, Karakuş M. Financial risk-taking in adult attention deficit hyperactivity disorder. \u003cem\u003eRev Behav Finance\u003c/em\u003e. 2024;16(3):394-405. doi:10.1108/RBF-04-2023-0113\u003c/li\u003e\n\u003cli\u003eR\u0026ouml;sler M, Retz W, Retz-Junginger P, et al. Instrumente zur Diagnostik der Aufmerksamkeitsdefizit-/Hyperaktivit\u0026auml;tsst\u0026ouml;rung (ADHS) im Erwachsenenalter: Selbstbeurteilungsskala (ADHS-SB) und Diagnosecheckliste (ADHS-DC). \u003cem\u003eNervenarzt\u003c/em\u003e. 2004;75(9):888-895. doi:10.1007/s00115-003-1622-2\u003c/li\u003e\n\u003cli\u003eGuglielmo R, Ioime L, Janiri L. Is Pathological Trading an Overlooked Form of Addiction? \u003cem\u003eAddict Health\u003c/em\u003e. 2016;8(3):207-209.\u003c/li\u003e\n\u003cli\u003eGrable, John E. and Joo, So-Hyun,. Environmental and Biophysical Factors Associated with Financial Risk Tolerance. \u003cem\u003eJournal of Financial Counseling and Planning\u003c/em\u003e. 2004;Vol. 15(No. 1).\u003c/li\u003e\n\u003cli\u003eFaraone SV, Banaschewski T, Coghill D, et al. The World Federation of ADHD International Consensus Statement: 208 Evidence-based conclusions about the disorder. \u003cem\u003eNeurosci Biobehav Rev\u003c/em\u003e. 2021;128:789-818. doi:10.1016/j.neubiorev.2021.01.022\u003c/li\u003e\n\u003cli\u003eTheule J, Hurl KE, Cheung K, Ward M, Henrikson B. Exploring the Relationships Between Problem Gambling and ADHD: A Meta-Analysis. \u003cem\u003eJ Atten Disord\u003c/em\u003e. 2019;23(12):1427-1437. doi:10.1177/1087054715626512\u003c/li\u003e\n\u003cli\u003eThaler RH, Johnson EJ. Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. \u003cem\u003eManag Sci\u003c/em\u003e. 1990;36(6):643-660. doi:10.1287/mnsc.36.6.643\u003c/li\u003e\n\u003cli\u003eHoffmann AOI, Post T. How return and risk experiences shape investor beliefs and preferences. Smith T, ed. \u003cem\u003eAccount Finance\u003c/em\u003e. 2017;57(3):759-788. doi:10.1111/acfi.12169\u003c/li\u003e\n\u003cli\u003eChachar AS, Shaikh MY. Decision-making and attention deficit hyperactivity disorder: neuroeconomic perspective. \u003cem\u003eFront Neurosci\u003c/em\u003e. 2024;18:1339825. doi:10.3389/fnins.2024.1339825\u003c/li\u003e\n\u003cli\u003eGuillemette M, Finke MS, Gilliam JR. Risk Tolerance Questions to Best Determine Client Portfolio Allocation Preferences. \u003cem\u003eHouseh Finance EJournal\u003c/em\u003e. Published online 2012. https://api.semanticscholar.org/CorpusID:153584998\u003c/li\u003e\n\u003cli\u003eRabbani AG, Grable JE, O\u0026rsquo;Neill B, Lawrence F, Yao Z. Financial Risk Tolerance Before and After a Stock Market Shock: Testing the Recency Bias Hypothesis. \u003cem\u003eJ Financ Couns Plan\u003c/em\u003e. Published online December 24, 2020:JFCP-19-00025. doi:10.1891/JFCP-19-00025\u003c/li\u003e\n\u003cli\u003eSwanson JM. Role of executive function in ADHD. \u003cem\u003eJ Clin Psychiatry\u003c/em\u003e. 2003;64 Suppl 14:35-39.\u003c/li\u003e\n\u003cli\u003ePatton JH, Stanford MS, Barratt ES. Factor structure of the barratt impulsiveness scale. \u003cem\u003eJ Clin Psychol\u003c/em\u003e. 1995;51(6):768-774. doi:10.1002/1097-4679(199511)51:6\u0026lt;768::AID-JCLP2270510607\u0026gt;3.0.CO;2-1\u003c/li\u003e\n\u003cli\u003eConners, C. K., Erhardt, D., \u0026amp; Sparrow, E. P. \u003cem\u003eConners\u0026rsquo; Adult ADHD Rating Scales (CAARS): Technical Manual. Multi-Health Systems\u003c/em\u003e.; 1999.\u003c/li\u003e\n\u003cli\u003eMajumdar S, Kumar Mishra A, Chandra A. Do fund managers\u0026rsquo; performance rely on gender and team size? Evidence from India. \u003cem\u003eNorth Am J Econ Finance\u003c/em\u003e. 2024;71:102094. doi:10.1016/j.najef.2024.102094\u003c/li\u003e\n\u003cli\u003eCueva C, Iturbe-Ormaetxe I, Ponti G, Tom\u0026aacute;s J. Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence. \u003cem\u003eJ Econ Behav Organ\u003c/em\u003e. 2019;160:100-120. doi:10.1016/j.jebo.2019.02.027\u003c/li\u003e\n\u003cli\u003eDavydov D, Eskner K, Peltom\u0026auml;ki J. Gender gap in investment performance revisited: The role of attention. \u003cem\u003eEur Financ Manag\u003c/em\u003e. Published online September 29, 2024:eufm.12518. doi:10.1111/eufm.12518\u003c/li\u003e\n\u003cli\u003eJoo S hyun, Grable JE. An Exploratory Framework of the Determinants of Financial Satisfaction. \u003cem\u003eJ Fam Econ Issues\u003c/em\u003e. 2004;25(1):25-50. doi:10.1023/B:JEEI.0000016722.37994.9f\u003c/li\u003e\n\u003cli\u003eGaray U, Pulga F. The performance of retail investors, trading intensity and time in the market: evide\u003c/li\u003e\n\u003c/ol\u003e"},{"header":"Tables","content":"\u003cp\u003eTables 1 to 2 are available in the Supplementary Files section\u003c/p\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"University Hospital Bonn","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":true,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Adult ADHD, financial decision-making, financial risk taking, stock trading, executive dysfunction","lastPublishedDoi":"10.21203/rs.3.rs-5986322/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5986322/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003e\u003cstrong\u003eImportance\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eAttention Deficit Hyperactivity Disorder (ADHD) is highly prevalent and presents significant health, social and economic risks. However, its impact on long-term financial strategies and personal financial management remains poorly understood. Gaining deeper insight is essential due to its wide-ranging societal implications.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eObjective\u003c/strong\u003e\u003cbr\u003e\nTo investigate the impact of ADHD on financial behavior and individual portfolio performance in a trading community.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMethods\u003c/strong\u003e\u003cbr\u003e\nA cross-sectional survey was conducted in 1520 individuals interested in stocks and finance, recruited through financial and health-focused online platforms. After excluding incomplete or ineligible responses, 945 participants were included in the analysis. ADHD traits and financial risk tolerance (FRT) were assessed using standardized, validated self-report questionnaires. Data on trading frequency, portfolio performance and other variables were based on participant’s individual reports.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eResults\u003c/strong\u003e\u003cbr\u003e\n The study examined 945 participants, with a median age of 34 years and 74.5% male. Among them, 54 individuals (5.7%) met DSM-5 criteria for an ADHD diagnosis and were classified as ADHD positive. This group demonstrated greater FRT (p=0.025) and speculative risk-taking (p=0.015). ADHD traits showed a positive correlation with FRT (r = 0.079, p = 0.015) and a negative correlation with portfolio returns (r = -0.075, p = 0.02). Regression analyses identified trading frequency (B=0.769, p=0.046), speculative risk-taking (B=0.675, p=0.034) and higher portfolio expectations (B=1.237, p=0.041) as positive predictors of ADHD symptom scores. In contrast, higher portfolio returns (B=-1.067, p=0.019) and the investment risk score (B=-0.590, p=0.034) were negative predictors of ADHD traits.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eConclusions\u003c/strong\u003e\u003cbr\u003e\nThe study revealed a higher than expected ADHD prevalence among participants, along with above-average FRT scores. Increased ADHD traits were associated with higher trading frequency and speculative risk-taking, while investment risk and portfolio returns were negatively impacted. These findings suggest that individuals with a high burden of ADHD traits may face significant challenges in financial decision-making, particularly in high risk trading settings such as speculative stock trading, where the potential for losses is heightened.\u003c/p\u003e","manuscriptTitle":"Wired for Risk: ADHD’s Influence on Financial Behavior in Stock Trading","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-02-11 12:05:27","doi":"10.21203/rs.3.rs-5986322/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"845857db-a1e4-43e4-a11e-d1f1d5faa5c1","owner":[],"postedDate":"February 11th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":44033809,"name":"Psychiatry"}],"tags":[],"updatedAt":"2025-02-11T12:05:27+00:00","versionOfRecord":[],"versionCreatedAt":"2025-02-11 12:05:27","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-5986322","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5986322","identity":"rs-5986322","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}