Empirical test of the hedonic editing hypothesis in mutual fund redemptions: evidence from individual account data
利用中国共同基金投资者的账户数据，直接和间接检验了享乐编辑假说，发现投资者在整体组合盈利或同日有其他基金赎回时，处置效应会减弱，支持投资者采用宽框架决策并融入享乐编辑。
This study utilizes account-level data from mutual fund investors to test the hedonic editing hypothesis through direct and indirect approaches. First, an empirical analysis of redemption behavior among Chinese mutual fund investors confirms the hedonic editing hypothesis's applicability in the Chinese market. Second, the study indirectly examines the impact of hedonic editing on investment decisions within a portfolio context, focusing on the disposition effect. Analysis reveals that while individual mutual fund investors exhibit a strong disposition effect, this tendency weakens when the overall portfolio is profitable or when other mutual funds are redeemed on the same day. These findings support the hypothesis that mutual fund investors adopt a broad decision-making framework and incorporate hedonic editing into their decision processes.