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This study examines the determinants of post-simulation regret in a stock market exercise involving 133 second-year undergraduate management students. Using data from a four-hour trading simulation, it relates post-simulation regret to anticipated regret, portfolio return, trading-style indicators and personality traits. Five regression models are estimated with a common specification, each including a different proxy for trading style. The results show that anticipated regret is positively associated with post-simulation regret, while portfolio return is negatively related to regret and is significant or marginally significant across models. Conscientiousness also emerges as a significant positive predictor. By contrast, none of the trading-style proxies reaches standard significance levels. The findings suggest that regret in simulated trading is explained more by prior regret disposition, portfolio performance, and personality than by trading style. 

Using a qualitative experimental design underpinned by elements of experimental finance, we analyze decision-making processes on stock markets, using a student population. The various results obtained, based on the tools used (open and closed questionnaires as well as trading journals), demonstrate the presence of certain biases (representativeness bias, rank bias, presence of heuristics and “all that glitters attracts”) and the influence of specific emotions (anger, fear, anxiety and sadness) in decision-making. The conclusions drawn from the analysis allow us to suggest that the development of biases and emotional pressure are strongly conditioned by the general context in which decision-making takes place, as well as by some socio-demographic characteristics of the participants (in particular, gender).