Rejoicing, regret and stock returns – US and international evidence
提出投资者欣喜与遗憾程度（DRR）的新指标，发现低DRR股票组合年化收益比高DRR组合高16.45%，该效应在44个市场普遍存在，且受个人主义、不确定性规避和投资者保护程度影响。
We introduce a novel measure for investors' Degree of Rejoicing and Regret (DRR) and test its power to explain cross-sectional stock returns. Consistent with investors demanding compensation for anticipated regret, a portfolio of low-DRR stocks outperforms that of high-DRR stocks by 16.45% annually in the U.S. market. This DRR effect is present globally across 44 markets and is stronger in countries characterized by higher individualism, greater uncertainty avoidance, and weaker investor protection. Our analysis highlights the crucial role of rejoicing, a previously underemphasized component of regret theory, and demonstrates that our DRR measure subsumes the pricing power of existing regret-only proxies.