The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect
通过实验室实验，研究自动卖出指令能否减少投资者的处置效应，发现止损和止盈选项能显著降低该效应，而仅提醒则无效。
We investigate whether automatic selling devices causally reduce investors’ disposition effect (DE) in a laboratory experiment. Investors can actively buy and sell assets. Investors in the treatment group use stop-loss and take-gain options to automatically sell assets. In addition, we introduce a reminder condition that reminds investors about their selling plan if a limit is hit. Results show that the automatic selling device treatment significantly reduces the DEs, but the reminder treatment does not. Thus, the opportunity to ex ante commit to automatically selling at a loss causally reduces the disposition effect.