In a paper called ‘The Bull of Wall Street: Experimental Analysis of Testosterone and Asset Trading’, experts gave 140 young men an edible gel containing either a placebo or testosterone.

The participants were then set an experimental task where they had to post bids and ask prices of assets, as well as buying and selling financial assets to earn money.

The researchers found that among the group which received extra testosterone, larger price bubbles formed, there was more mispricing and their perception of a stock’s value changed dramatically.

The scientists also found that those who had increased testosterone had an increase in bidding and selling volume.