Primacy in stock market participation: the effect of initial returns on market re-entry decisions
研究了初始回报如何影响投资者在退出后重返股票市场的决策，发现经历较低初始回报的投资者更不可能重返市场，且该效应在控制近期回报和平均回报后依然稳健。
We examine whether initial returns influence investors’ decisions to return to the stock market following withdrawal. Using a survival analysis technique to estimate Finnish retail investors’ likelihood of stock market re-entry reveals that investors who experience lower initial returns are less likely to return, even after controlling for returns in the last month and average monthly returns for the duration of investing. This primacy effect is robust to accounting for endogeneity in investors’ exit decisions, and other behavioural biases such as recency and saliency of investment experience. Individual investors appear to be subject to primacy bias and tend to put a significant weight on initial experiences in re-entry decisions.