投资者的处置效应和自我价值感

经济理论与经济管理 ›› 2005, Vol. ›› Issue (9): 43-46.

投资者的处置效应和自我价值感

高雷, 何少华, 宿成建

汕头大学商学院, 广东, 汕头, 515063

收稿日期:2005-07-30 出版日期:2005-09-16 发布日期:2012-03-01
基金资助:
德国国家学术交流中心项目;德国弗利德里西.弗利克基金会重点项目

Received:2005-07-30 Online:2005-09-16 Published:2012-03-01

摘要/Abstract

摘要： 处置效应一词是由谢弗林(Shefrin)和斯达特曼(Stat man)提出的。^[1]他们用此词来描绘市场交易者的持亏售盈的倾向,并提供了在共同基金回购交易中的处置效应的证据。拉孔尼斯霍克(La-konishok)和斯密特(Smidt)报告了盈股往往具有高交易量,这一发现证实了市场交易者的售盈倾向。^[2]费瑞斯(Ferris)、豪更(Haugen)和马奎加(Makhija)在美国小盘股市场上发现了相同的情况。^[3]欧丁(Odean)对一家经纪公司从1987年至1993年的一万多位客户的交易记录进行研究,证实了处置效应的存在。平均来说,投资者实现他们15%的盈利,却只实现他们10%的损失。^[4]

高雷, 何少华, 宿成建. 投资者的处置效应和自我价值感[J]. 经济理论与经济管理, 2005, (9): 43-46.

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