Selling winners, buying losers: Mental decision rules of individual investors on their holdings
研究发现个人投资者倾向于卖出盈利股票并同时持有甚至增持亏损股票，这种“卖出赢家、买入输家”的行为在经验较少的投资者中更为显著，并受参考价格、历史收益等因素影响。
Abstract We extend the study of the disposition effect − the preference for selling (holding) current winning (losing) stocks − by adding a new element to this decision process: the investors’ preference to purchase additional units of the current losing stocks. Using a unique database, we find that individual investors prefer to sell their winning stocks and, simultaneously, hold and increase their exposure to the losing ones. The additional purchase is pervasive across investors, but stronger for less sophisticated investors. Our evidence suggests that reference prices, prior stock returns, stock visibility, and investor performance and sophistication are determinants of investors’ trading behavior.