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Culture and the disposition effect [PDF]
Economics Letters, 2019 We study the relationship between national culture and the disposition effect by investigating international differences in the degree of investors' disposition effect. We utilize brokerage data of 387,993 traders from 83 countries and find great variation in the degree of the disposition effect across the world. We find that the cultural dimensions of
Breitmayer, Bastian +2 more
arxiv +8 more sources
Psychophysiological correlates of the disposition effect. [PDF]
PLoS One, 2013 We assess the psychophysiological characteristics underlying the disposition effect and find that subjects showing greater disposition effect are those who sweat more and present lower body temperature and heart rate.
Goulart M +4 more
europepmc +8 more sources
Disposition effect and gender [PDF]
Applied Economics Letters, 2008 Investors seem to hold on to their losing stocks to a greater extent than they hold on to their winning stocks. This well-documented behavioural regularity is termed disposition effect (Shefrin and Statman, 1985). We set an experiment to replicate results from a previous study of the disposition effect (Weber and Camerer, 1998) and further show that a ...
Newton, Da Costa Jr +2 more
openaire +5 more sources
The Disposition Effect and Momentum [PDF]
, 2002 Prior experimental and empirical research documents that many investors have a lower propensity to sell those stocks on which they have a capital loss. This behavioral phenomenon, known as \the disposition effect, has implications for equilibrium prices.
Grinblatt, Mark, Han, Bing
openaire +7 more sources
Decomposing the Disposition Effect [PDF]
SSRN Electronic Journal, 2021 We theoretically show that there is a fundamental disconnect between the disposition effect, i.e., investors tendency to sell winning assets too early and losing assets too late, and its common empirical measure, namely a positive difference between the proportion of gains and losses realized. While its common measure cannot identify the disposition
Maier, Johannes K. +1 more
openaire +4 more sources
Investment transparency and the disposition effect [PDF]
European Financial Management, 2021 AbstractThe disposition effect is lower in a trading environment with salient information on current holdings. Using proprietary data from a European fintech platform for social trading, we analyze variation in trading behavior within and between private and publicly visible portfolios.
Danbolt, Jo +2 more
openaire +4 more sources
Measuring the disposition effect [PDF]
Journal of Behavioral and Experimental Finance, 2020 Despite hundreds of papers confirming the existence of the disposition effect, too little attention has been devoted to the prevailing arguments on the choice of a given method to measure it. This paper fills this gap and compares different measurement approaches. First, based on empirical and simulation-based data, I show how results may differ across
openaire +5 more sources
The disposition effect and admiration seeking [PDF]
Review of Financial Economics, 2021 AbstractThis paper examines the relationship between the disposition effect and personality traits and aims to find an additional explanation of this bias in a willingness to pay for admiration. We conduct a personality assessment, a stock trading game and a sealed‐bid English auction for 84 individual investors.
Max, Suchanek, Liêu, Minh-Lý
openaire +3 more sources
Financial Attention and the Disposition Effect [PDF]
SSRN Electronic Journal, 2018 Using a novel brokerage dataset covering individual investors' login and stock trading behavior, we investigate the severity of the disposition effect as a function of attention. Our results show that more attentive investors trade less in line with the disposition effect, suggesting a comparative advantage in incorporating information into financial ...
Dries Heyman +3 more
openaire +3 more sources
Individual Differences in the Disposition Effect
Journal of Behavioral Finance, 2019 The authors model the role of personality traits in explaining the disposition effect building on realization utility theory and Big 5 model and moving from an aggregate level to interindividual di...
Cecchini, Marco +3 more
openaire +4 more sources