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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/64134

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64134

Title:	Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan
Authors:	李怡宗
Contributors:	會計系
Keywords:	individual investors;institutional investors;disposition effect;prospect theory
Date:	2006-09
Issue Date:	2014-02-21 18:27:06 (UTC+8)
Abstract:	We ask whether the typical investor and the aggregate investor exhibit a bias known as the disposition effect, the tendency to sell investments that are held for a profit at a faster rate than investments held for a loss. We analyse all trading activity on the Taiwan Stock Exchange (TSE) for the five years ending in 1999. Using a dataset that contains all trades (over one billion) and the identity of every trader (nearly four million), we find that in aggregate, investors in Taiwan are about twice as likely to sell a stock if they are holding that stock for a gain rather than a loss. Eighty-four percent of all Taiwanese investors sell winners at a faster rate than losers. Individuals, corporations, and dealers are reluctant to realise losses, while mutual funds and foreigners, who together account for less than 5% of all trades (by value), are not.
Relation:	European Financial Management, 13(3), 423-447
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/j.1468-036X.2007.00367.x
DOI:	10.1111/j.1468-036X.2007.00367.x
Appears in Collections:	[會計學系] 期刊論文

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