NO.PZ201511190100000304
问题如下：
How does Jordan most likely demonstrate loss-aversion bias?
选项：
A. Telling the team not to worry.
B. Reducing the portfolio turnover this year.
C. Deciding to hold the losing positions until they turn around.
解释：
C is correct.
Jordan’s behavior is a classic example of loss aversion: When a loss occurs, she holds on to these positions longer than warranted. By doing so, Jordan has accepted more risk in the portfolio. Loss-aversion bias is one in which people exhibit a strong preference to avoid losses versus achieving gains. One of the consequences of loss aversion bias is that the financial management professional (in this case, Jordan) may hold losing investments in the hope that they will return to break-even or better.
总结两个要点，请老师确认是否OK： 1 越跌越持有，体现厌恶，换手率降低，也可能体现这一点 2 如果出现上涨，下跌收益对比，如果对称就是mean-variance。如果不对称，需要上涨止盈收益率大过下跌止损收益率，才是损失厌恶。
