How Do Decision Frames Influence the Stock Investment Choices of Individual Investors?
研究决策框架（窄框架与宽框架）如何影响个人投资者的股票投资选择，发现交易聚类程度高的投资者处置效应更弱、投资组合更分散，且交易聚类与股票偏好和组合收益相关。
This study examines whether the framing mode (narrow versus broad) influences the stock investment decisions of individual investors. Motivated by the experimental evidence, which suggests that separate decisions are more likely to be narrowly framed than simultaneous decisions, we propose trade clustering as a proxy for narrow framing. Using this framing proxy, we show that investors who execute more clustered trades exhibit weaker disposition effects and hold better-diversified portfolios. We also find that the degree of trade clustering is related to investors' stock preferences and portfolio returns. Collectively, the evidence indicates that the choice of decision frames is likely to be an important determinant of investment decisions.