Key Publications

Gut Feelings and the Market. Interoceptive Ability Predicts Survival on a London Trading Floor. Scientific Reports, Sept 2016.

Cortisol shifts financial risk preferences. Proceedings of the National Academy of Sciences, 2014

Endogenous steroids and financial risk taking on a London trading floor. Proceedings of the National Academy of Sciences U S A, 2008.

The Biology of Risk. New York Times, June 6, 2014.


Other Publications

NZ Xie, L Page, DA Granger, JM Coates (2019) The Biology of ‘Risk-On’. Decreasing Inflammatory and Stress Responses on a London Trading Floor. BioRxiv. doi:

Page L, Coates JM (2017) Winner and Loser Effects in Human Competitions. Evidence from Equally Matched Tennis Players. Evolution and Human Behavior.

Coates JM, Gurnell M (2017) Combining Field Work and Laboratory Work in the Study of Financial Risk Taking. Hormones and Behavior.

Coates JM, Page L (2016) The Biology of Financial Instability. New Palgrave Dictionary of Economics, Online Edition.

Coates J M, Gurnell M, Sarnyai Z (2010), From molecule to market: steroid hormones and financial risk-taking. Philosophical Transactions Royal Society B, Biological Sciences, 365:331-43.

Coates J M, Gurnell M, Rustichini A (2009), “Second-to-fourth digit ratio predicts success among high-frequency financial traders.” Proceedings of the National Academy of Sciences U S A, 106: 623–628.

Coates J M, Page L (2009), “A note on trader Sharpe ratios.” PLoS One 4: 8036.

Coates J M (forthcoming) “Keynes and the instability of personal consumption between the Wars.”

Coates J M, (1996) “The Claims of Common Sense”  Cambridge University Press.


OP-ED Articles

Banks Should Train Their Traders Like Olympic Athletes. Financial Times, July 6, 2012

The Anatomy of a Large Trading Loss. Time Magazine, June, 21, 2012

The Biology of Boom and Bust. New York Times, June 10, 2012

Trader Sharpe ratios. Financial Times, Nov 25, 2009

A tale of two traders. Financial Times, May 4, 2009

Key to success lies in the womb. Financial Times, Jan 12, 2009

Traders should track their hormones. Financial Times, April 14, 2008