The disposition effect among mutual fund participants: a re-examination
基于葡萄牙一家大型银行31,513名个人客户1998至2017年的共同基金交易数据，研究发现投资者存在强烈的处置效应，而金融素养（如大学学历、金融知识和数学技能）能部分抵消持有亏损基金的倾向，且素养影响经验对偏差的塑造作用。
Based on the information gathered on mutual fund trades executed between 1998 and 2017 by 31,513 individual investor clients of a major Portuguese bank, we study the relationship between the disposition effect, financial literacy and trading experience. We find that mutual fund investors exhibit a strong disposition effect. The tendency to hold losers is partially offset with literacy: a university degree reduces the propensity to hold on to loser funds, in addition to greater financial knowledge and stronger math skills. Literacy also plays a role in shaping the way experience affects this bias. Evidence of the disposition effect remains after considering redemption fees, bad emotions, irrational beliefs, market sentiment and the existence of someone to blame. Given that the existence of the disposition effect entails substantial costs for investors, higher levels of literacy benefit investors. The implementation of measures that accommodate investor reaction to poor performances may also help to reduce the disposition effect.