处置效应

基于股市下跌背景的处置效应研究

Research on the Disposition Effect Based on the Falling Stock Market

股票投资决策中的处置效应及其应对策略

The Disposition Effect in Stock Investment Decisions and its Coping Strategies

中国股市处置效应的实证分析

The Empirical Study on Disposition Effect in China ′ s Stock Market

过度自信展望理论与处置效应

Behavior Finance : Overconfidence , Prospect Theory and Disposition Effect

这种现象国外学者把它命名为处置效应。

Overseas it is called the Disposal Effect .

在金融市场上存在的许多异象中，处置效应是最重要最引起人们注意的异象之一。

Among a vast array of anomalies in financial market , the disposition effect is striking and considerable .

开放式基金投资者的处置效应&基于中国面板数据的门限回归分析

Investors ' Disposition Effect on Open-End Fund : The Threshold Regression Analysis Based on China 's Panel Data

此外，无论股市处于利好或利空政策环境下，处置效应都存在，且处于后者时相对较强。

And the effect is presented whether the policies are good or bad and it is stronger when bad .

进一步研究发现不同资金规模、不同交易频率、不同盈亏水平投资者的处置效应也具有一定的差异。

Further work shows difference in the investors with different capital size , trading frequency , profit and loss level .

限价订单的使用会使投资者表现出误解新信息、处置效应和逆势行为。

The usage of limit orders is responsible for investors ' misunderstanding new information , disposition effect , and contrarian behavior .

建立了过度自信心理的展望价值模型，并以此模型为基础，研究了行为偏差现象处置效应的形成机理和原因。

This paper studies the " disposition effect " by using generalized prospect model , which includes investor 's psychology overconfidence .

结果表明我国投资者倾向于卖出当前盈利的股票而继续持有当前亏损的股票，即存在处置效应。

The result shows that Chinese investors are liable to sell winners and hold losers , in other words they have disposition effect .

依据情绪影响投资者决策的心理学结论，本文进一步分析了在不同的市场态势下，个体投资者处置效应的特征。

We further analyze disposition effect characteristics of individual investors under bull or bear markets based on the psychological phenomena that emotion affects investment decisions .

以行为金融学理论为基础，以21只非指数型封闭式基金为样本，对其经理是否存在几个主要的认知与行为偏差，即过度自信、处置效应及锚定效应进行了实证检验。

We empirically studied several cognitive and behavioral biases of Chinese security investment fund managers , such as overconfidence , disposition effect and anchoring effect .

处置效应是一种典型的投资者认知偏差，表现为“售盈持亏”的投资倾向。

Disposition Effect is a typical Cognitive Dissonance , which means the tendency to sell winning investments too soon and hold losing investments too long .

根据已有的研究，我们在第四部分对我国期货市场投资者表现出的处置效应进行了分析，并研究了处置效应的影响因素及福利效应。

In the fourth part , we study the disposition effect of futures traders and further investigate the impact factors and welfare effect of disposition effect .

研究结论表明：投资者的过度自信心理和展望价值最大化选择准则可以有效解释行为偏差现象“处置效应”的产生机理。

A theory of the " disposition effect " based on overconfidence , biased self-attribution and the " maximum prospect value " rules of choice is proposed .

本研究还发现：机构投资者的处置效应要弱于个人投资者，前景理论效应并不明显。

The study also discovers that the disposition effect on institutional investors is less than that on individual investors . The effect of the prospective theory is not obvious .

本文利用中国个体投资者交易账户的交易数据对中国股票市场个体投资者处置效应进行了实证分析，并考察了中国股票市场是否存在十二月效应对处置效应的影响。

Using the data of China 's individual investors , this article studies the disposition effect of China 's stock market and researches whether the December effect will influence disposition effect .

近年来，国外财务学界的研究文献大量地关注证券市场的各种异常，如一月效应、处置效应、动量效应、羊群行为等等。

All kinds of abnormalities are concerned on stock market in the foreign financial documents these years , such as January effect , disposition effect , momentum effect , herd behavior .

接着从投资者认知偏差导致的各种有限理性心理和行为，分析了我国证券市场上投资者有限理性聚集所表现出来的处置效应、羊群效应、过度反应和反应不足等异常现象。

Secondly according to set of bounded rationality behaviors caused by investor cognition biases , the article analyzed unusual phenomenon namely deposition effect , herding behavior , over-reaction and over-confidence in Chinese security market .

关于中国投资者投资行为的实证研究表明，过度交易、处置效应和羊群行为等投资行为异象在我国证券市场不仅存在，而且表现程度更加剧烈。

As for the investing behavior of Chinese investors , empirical results show that anomalies of investing behavior such as excessive trading , disposition effect and herd behavior not only exist , but more seriously .

研究发现操纵者利用一般投资者的代表性偏差和处置效应等行为偏差，能够完成操纵过程获取操纵利润，并且能够利用一般投资者的代表性偏差而将部分操纵成本转嫁给一般投资者。

We point out that the manipulator could benefit from the investor 's behavior biases such as representative biases and dispositional effect , at the same time , the manipulator could impute manipulation costs to the behavior-driven investors .

论文从投资者非理性的角度出发分析了中国股票市场波动非对称性的主要原因，并重点分析了投资者的过度自信、羊群效应以及处置效应。

This paper analyses main reason of asymmetric volatility in Chinese stock exchange from the aspect of investors ' non-rational act , and focuses on the analysis of investors ' over confidence , herd effect and disposition effect .

并且，关于个股的研究表明我国证券市场不仅存在过度自信效应，也存在处置效应，而且过度自信效应比处置效应更为显著。

Furthermore , according to the analysis about individual stocks , this paper also indicates that there is not only overconfidence effect but also disposition effect in CSM , and the former effect is more significant than the latter one .

实验也发现了这些投资者存在着明显的处置效应，即股价上涨时倾向于卖出；股价下跌时则倾向于继续持有，该效应在女性及专业投资知识与经验程度较低的投资者身上更加明显。

Disposition effect is also found in the experiments , which is more evident in female investor than in male investor and more evident in the investor with low level investment knowledge and less experience than those with higher level .

从证券市场的大量异常现象（如反转效应、处置效应等）来看，投资者的决策并不是理性的，个人投资者不理性行为的集合还导致股票价值的异常波动，增加了证券市场的风险。

From unusual phenomenon of security market , such as Reversal Effect and Disposition Effect , decision of investor is irrational . And Set of individual investor irrational behavior cause unusual price fluctuation which increase the risk of the security market .

本文通过分析一个大型营业部的近1万个投资者帐户，研究了处置效应（dispositioneffect），即投资者太长时间地持有亏损股票而太短时间地卖掉赢利股票的倾向。

In this paper , we test the disposition effect , the tendency of investors to hold losing stocks too long and sell winning stocks too soon , by analyzing trading records of nearly 10000 accounts at a large brokerage house .

虽然处置效应存在实证和实验上的稳健性，但其成因仍然不是十分清晰，存在许多相互竞争的理论和假说，但是没有一个能彻底的从根本上解释清楚。

Although disposition effect is proved to be robust in empirical test and experimental study , it is not completely clear what drive it at all . Several competitive theories and hypotheses try to interpret DE , but none of them make it clear essentially and thoroughly .

即使是同一类投资者，在不同的市场行情下或对于不同持有策略的推荐，其买卖倾向也会有一定的变化。最后，关于投资者的交易行为，本文还考察了处置效应。

Even though one and the same style of investors , their trading tendency is diversely influenced by different type of recommendation in bull and bear market . Finally , as an important phenomenon in stock market , the disposition effect in Chinese stock market is also studied .