Do Losses Linger?
研究发现，专业股票交易员在上午亏损后，为了在收盘前挽回损失，下午会进行更激进的交易，这种行为类似于处置效应，且受上午亏损影响更大的交易员表现更差。
How might professional stock traders be influenced by their recent trading performance? Results here show that, in aggregate, when traders incur morning losses, their desire to recover before the close of trading prompts more aggressive trading in the afternoon. This behavior is consistent with behavior underlying the disposition effect. An analysis of individual trading performance reveals that traders who are more influenced by their earlier trading losses perform far more poorly than those who are less influenced. <b>TOPICS:</b>Risk management, statistical methods, portfolio theory