Risky male traders may have actually caused the financial crash with their excessive sex hormone testosterone that researchers can reveal.

Economists blamed 'traders' 'animal spirits' and 'irrational exuberance' that may have linked to the shaky movement of the market but scientists explained that it may actually be testosterone -- the culprit behind violent actions-together with cortisol, which the body releases during stress. In effect, traders are more likely to make risky gambles, as explained by the study because they feel more confident.

Cortisol levels, meanwhile, shoot up when one is at stress. In turn, blood sugar levels are elevated, boosting the energy to cope during really stressful situations.

Researchers at Imperial College, London, did a stock market environment mock up to assess the male traders' levels of hormones participation by volunteers  who were asked to buy and sell assets. Interestingly, those who got doses of either hormone proved to be aggressive in their investing.

Prof. Joe Herbert, who wrote the book Testosterone: Sex, Power and the Will to Win, opined that that "we are born into a modern world with a brain that was developed for a more primeval one," linking the chemistry and social and biological function of this much-maligned molecule which comes mainly from the male testes.

The study's lead author, Dr Carlos Cueva, meanwhile said: "Our view is that hormonal changes can help us understand traders' behavior, particularly during periods of financial instability."

The study, published in Scientific Reports, was joined in by 142 volunteers both men and women. Their saliva samples were tested and measured for hormones.

The research team checked the participants' natural hormone levels before they artificially boosted the hormone levels in study's next phase. Their hormone levels were then compared to the hormone levels of those who were given placebo. The results revealed that hormones have significantly affected the participants' risky investments decisions. Those who got a pump in their cortisol level preferred placing their bets on riskier assets, while those with increased testosterone levels were found to have positive outlook of future price change.

Dr Roberts noted, "We only looked at the acute effects of the hormones in the lab. It would be interesting to measure traders' hormone levels in the real world, and also to see what the longer term effects might be."

Lead author Dr Ed Roberts from the Department of Medicine at Imperial College London stated that, "Our aim is to understand more about what these hormones do. Then we can look at the environment in which traders work, and think about whether it's too stressful or too competitive."

They noted that these factors play a large impact on a traders' decision-making affecting their risk taking behavior.