Fully Closed: Individual Responses to Realized Gains and Losses
利用共同基金清算导致的被动卖出，分析个人如何处置已实现的资本利得和损失：盈利时再投资83%，亏损时仅40%，且许多人因亏损彻底退出股市。
ABSTRACT We analyze how individuals reinvest realized capital gains and losses exploiting plausibly exogenous sales due to mutual fund liquidations. Individuals reinvest 83% if a forced sale results in a gain relative to the initial investment; but reinvest only 40% in the event of a loss. This difference is statistically significant for more than six months and arises because many individuals forced to realize a loss choose not to reinvest anything and some even exit the stock market altogether. Individuals treat realized losses differently from paper losses and are discouraged from investing more and participating in the stock market.