Investment transparency and the disposition effect
利用欧洲社交交易平台数据，发现公开持仓信息能使处置效应降低约35%，表明透明度影响交易偏差。
Abstract The disposition effect is lower in a trading environment with salient information on current holdings. Using proprietary data from a European fintech platform for social trading, we analyze variation in trading behavior within and between private and publicly visible portfolios. The disposition effect diminishes by about 35% when trades and holdings become public. We find the level of transparency and the way financial information is illustrated can influence trading decisions. Our results suggests that requiring greater transparency from portfolio managers can reduce trading bias.