Are investors reluctant to realize their losses?

• 成果类型: Article
• 署名作者: Odean, T
• 署名单位: University of California System; University of California Davis
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00072
• 发表日期: 1998
• 页码: 1775-1798
• 关键词: stock-market; winners; losers; returns; BEHAVIOR; taxation; volume; taxes

摘要

I test the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing trading records for 10,000 accounts at a large discount brokerage house. These investors demonstrate a strong preference for realizing winners rather than losers. Their behavior does not appear to be motivated by a desire to rebalance portfolios, or to avoid the higher trading costs of low priced stocks. Nor is it justified by subsequent portfolio performance. For taxable investments, it is suboptimal and leads to lower after-tax returns. Tax-motivated selling is most evident in December.