Anlageverhalten , Bias , Wertpapierhandel , Prospect-Theorie , Test
Abstract:
We test empirically and experimentally for individual differences, stability, and learning in individual level disposition effects. While we observe the disposition effect on aggregate, the extent to which a single decision maker is affected varies considerably across investors. We find overwhelming evidence for stability of individual disposition effects both within and across tasks, as well as across time. Learning, nevertheless, attenuates the magnitude of the effect strongly within tasks and over time. In accordance with prior research, we document that frequent traders sell their winners less and their losers more often, resulting in lower disposition effects. We also document evidence that the magnitude of the bias depends on the length of the holding period.
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