【摘要】 传统金融理论告诉我们投资者应该如何管理投资 ,而行为金融理论则告诉我们投资者实际上是如何行动的。理解投资者的实际行为对于证券投资管理非常重要。本文通过分析一个大型营业部的近 1万个投资者帐户 ,研究了处置效应 (dispositioneffect) ,即投资者太长时间地持有亏损股票而太短时间地卖掉赢利股票的倾向。研究发现 ,这些投资者无条件地非常愿意实现赢利股票 ,而持有亏损股票。更多还原

【Abstract】 The traditional financial theory tells us how investors should manage their portfolio,while behavior financial theory tells us how they actually behave.It is very helpful for portfolio managers to understand what is the investors′ actual behavior.In this paper,we test the disposition effect,the tendency of investors to hold losing stocks too long and sell winning stocks too soon,by analyzing trading records of nearly 10000 accounts at a large brokerage house.These investors demonstrate a strong preference for realizing winners and holding losers.更多还原