haku: @author Seasholes, M.S. / yhteensä: 2
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| Tekijä: | Feng, L. Seasholes, M.S. |
| Otsikko: | Do investor sophistication and trading experience eliminate behavioral biases in financial markets? |
| Lehti: | Review of finance
2005 : VOL 9:3, p. 305-351 |
| Asiasana: | Financial markets Investors Investments Trading |
| Kieli: | eng |
| Tiivistelmä: | In the paper, an in depth analysis of an investor's reluctance to realize losses (hereafter as: r-to-r-ls.) and his propensity (here as: prop.) to realize gains is provided. This behaviour is known as the 'disposition effect' (here as: disp-eff.). Together, sophistication (as: soph.) and trading experience (as: trad-exp.) eliminate the r-to-r-ls. However, an asymmetry exists as soph. and trad-exp. reduce the prop. to realize gains by 37 percent, however failing to eliminate this part of the behaviour. This research design allows to follow an individual's behaviour from the start of his investing life/career, enabling to track the evolution of the disp-eff. as it is reduced and/or disappears. This paper's results are robust to alternative explanations incl. feedback trading, calendar effects etc. |
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