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Yaq7 · 2021年11月18日

解析里的disposition effect是啥

* 问题详情,请 查看题干

NO.PZ201511190100000504

问题如下:

Blake’s portfolio would most likely indicate which behavioral bias?

选项:

A.

Home bias.

B.

Loss aversion.

C.

Investing in the familiar.

解释:

B is correct.

Loss aversion is a bias in which people tend to strongly prefer avoiding losses as opposed to achieving gains. The disposition effect, which includes an emotional bias to loss aversion, will encourage investors to hold on to losers, causing an inefficient and gradual adjustment to deterioration in fundamental value. On several occasions, Blake has found herself holding positions with sizable losses, and she has been reluctant to sell when a security declines. This suggests that Blake may exhibit loss aversion bias.

The disposition effect, which includes an emotional bias to loss aversion, will encourage investors to hold on to losers, causing an inefficient and gradual adjustment to deterioration in fundamental value. 没有印象

1 个答案
已采纳答案

王琛_品职助教 · 2021年11月19日

嗨,爱思考的PZer你好:


1

Disposition effect 可以理解为 loss-aversion,请参考原版书 P75 例题 4 的第一句话:"Loss-aversion bias, executed in practice as the disposition effect"

持有亏损的投资时间过长,而过早地卖出盈利的投资,请参考原版书 P74 最后一段的倒数第二句话

"the holding (not selling) of investments that have experienced losses (losers) too long, and the selling (not holding) of investments that have experienced gains (winners) too quickly."

2

考查题目:

2.1 

课后题 Behavioral Finance and Investment Processes 章节第 14 题,也就是同学问的这道题

案例背景中提到,Blake 发现自己持有的头寸有相当大的损失,当证券下跌时,她不愿意卖出

"On several occasions, Blake has found herself holding positions with sizable losses and she has been reluctant to sell when a security declines."

这句话体现出 disposition effect,所以不选

2.2 

真题-2015-11-A

收录于经典题 The Behavioral Biases of Individuals 章节的 1.3 题,其实考查的是 loss-aversion,协会在解析的参考答案中,提到了 disposition effect,可以参考一下

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