The Prevalence of the Disposition Effect in Mutual Funds’ Trades
研究发现美国股票型共同基金平均更倾向于实现亏损而非盈利，但仍有相当比例的基金表现出处置效应（更易卖出盈利股）。学习效应随时间减弱了该效应，表明学术研究影响了行业实践。资金流出和团队管理会加剧处置行为，进而影响投资风格，但对基金业绩无显著影响。
Abstract U.S. equity mutual funds, on average, prefer realization of capital losses to capital gains. Nevertheless, a substantial fraction exhibits the disposition effect of realizing gains more readily than losses. My analysis suggests that learning effects have reduced the manifestation of the disposition effect over time, implying that academic research has influenced industry practices. When funds experience outflows and are managed by teams of portfolio managers, they are more susceptible to selling disproportionately more winners than losers. Disposition-driven behavior affects investment style, causing lower market betas and characteristics of value-oriented and contrarian styles, but has no observable effect on fund performance.