Objective: To study the characteristics of executive function and its possible mechanism by Wisconsin card sorting test (WCST) and recognition of dynamic facial expression in patients with depression.

In this study we will deal with the dynamic changes of selective attention -one of the high brain function using event-related potentials (ERP) technique.

Finally, by introducing into the impact on investor sentiment, the paper study the dynamic forms of the causal relation of them using impulse response function and variance decomposition.