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The current study examines P300 amplitude reduction (P3-AR) found in those who exhibit externalizing and depression in response to target stimuli in a computer based novelty task. The method employed to examine this was advanced time-frequency decomposition techniques with EEG signals. A linear analysis demonstrates that persons who exhibit both externalizing and depression are correlated with reduced P300 amplitude located in the parietal lobes. A factor representing the shared variance between externalizing and depression was used to determine that the shared variance significantly contributed to the P3-AR. Externalizing and depression did not reach significance in this analysis. This implies that both share the variance in the reduction of P300 amplitude, a finding consistent with the current literature. Finally, analysis revealed that anxiety did not correlate with P3-AR in this model.