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| Author: | Massa, M. Simonov, A. |
| Title: | Behavioral biases and investment |
| Journal: | Review of finance
2005 : VOL. 9:4, p. 483-507 |
| Index terms: | bias investment investors loss |
| Freeterms: | gain |
| Language: | eng |
| Abstract: | This article investigates how investors react to prior gains/losses. The study directly examines investor reactions to different definitions of gains and losses (i.e. overall wealth, paper gains and losses, and realized capital gains and losses) and investigates how gains and losses in one category of wealth (i.e. real estate) affect holdings in other categories (e.g. financial assets). It is shown that investors change their holdings of risky assets as a function of both financial and real estate gains. |
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