Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/268406 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
SAFE Working Paper No. 378
Verlag: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Zusammenfassung: 
Using German and US brokerage data we find that investors are more likely to sell speculative stocks trading at a gain. Investors' gain realizations are monotonically increasing in a stock's speculativeness. This translates into a high disposition effect for speculative and a much lower disposition effect for non-speculative stocks. Our findings hold across asset classes (stocks, passive, and active funds) and explain cross-sectional differences in investor selling behavior which previous literature attributed primarily to investor demographics. Our results are robust to rank or attention effects and can be linked to realization utility and rolling mental account.
Schlagwörter: 
Selling Behavior
Disposition Effect
Retail Investor
Speculation
Higher Moments of Return
Realization Utility
JEL: 
D14
D81
D9
G11
Dokumentart: 
Working Paper

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