Investor Behavior at the 52-Week High
研究发现家庭投资者在股价触及52周高点时会大幅增加卖出，尤其是使用限价单，这种行为源于锚定效应，并导致52周高点异象的回报翻倍，机构投资者则从中获利。
Abstract This study uncovers how household investors intensify the effect of the 52-week high (52WH): increased volume and momentum-like returns at the 52WH price. Using daily household and institutional trading data, we find that households sharply increase their selling, particularly with limit orders at the 52WH price. This behavior is indicative of anchoring, as it is robust to past returns and intensified by proximity, market uncertainty, and salience of the 52WH. This uninformed limit order selling at and prior to the 52WH leads to a doubling of unconditional 52WH anomaly returns. Post-event returns benefit institutions, which act as counterparties.