Investor Logins and the Disposition Effect

• 成果类型: Article
• 署名作者: Quispe-Torreblanca, Edika; Gathergood, John; Loewenstein, George; Stewart, Neil
• 署名单位: University of Leeds; University of Oxford; University of Nottingham; Carnegie Mellon University; University of Warwick
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.00359
• 发表日期: 2025
• 关键词: reference point; Disposition effect; attention; login; INVESTOR BEHAVIOR

摘要

Using data from an online brokerage, we examine the role of investor logins in trading behavior. We find that a new reference point is created when an investor logs in and views the investor's portfolio. We observe this as a disposition effect on returns since last login in addition to the traditional disposition effect on returns since purchase. Further, these reference points produce a strong interaction such that even a small loss since last login nullifies the positive effect of a gain since purchase. This interaction follows if investors select the higher, more aspirational price as a reference point.