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1、Thisarticlewasdownloadedby:[KoreaAdvancedInstituteofScience&Technology(KAIST)]On:09June2012,At:22:48Publisher:RoutledgeInformaLtdRegisteredinEnglandandWalesRegisteredNumber:1072954Registeredoffice:MortimerHouse,37-41MortimerStreet,LondonW1T3JH,UKJournalofBehavioralFinancePublicationdetails,including
2、instructionsforauthorsandsubscriptioninformation:http://www.tandfonline.com/loi/hbhf20ReverseDispositionEffectofForeignInvestorsaTõnnTalpseppaTSEBA,TallinnUniversityofTechnologyAvailableonline:02Dec2011Tocitethisarticle:TõnnTalpsepp(2011):ReverseDispositionEffectofForeignInvestors,JournalofBehaviora
3、lFinance,12:4,183-200Tolinktothisarticle:http://dx.doi.org/10.1080/15427560.2011.606387PLEASESCROLLDOWNFORARTICLEFulltermsandconditionsofuse:http://www.tandfonline.com/page/terms-and-conditionsThisarticlemaybeusedforresearch,teaching,andprivatestudypurposes.Anysubstantialorsystematicreproduction,red
4、istribution,reselling,loan,sub-licensing,systematicsupply,ordistributioninanyformtoanyoneisexpresslyforbidden.Thepublisherdoesnotgiveanywarrantyexpressorimpliedormakeanyrepresentationthatthecontentswillbecompleteoraccurateoruptodate.Theaccuracyofanyinstructions,formulae,anddrugdosesshouldbeindepende
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6、oralFinanceISSN:1542-7560print/1542-7579onlineDOI:10.1080/15427560.2011.606387ReverseDispositionEffectofForeignInvestorsTonnTalpseppTSEBA,TallinnUniversityofTechnologyThepaperanalysesthetendencyofinvestorstorealizegainstooearlyandthereluctancetoliquidatelosingpositions.Analysisisbasedonthecompletetr
7、ansactiondataoftheEstonianstockmarket.TheCoxproportionalhazardmodelalongwithratioanalysisisusedtomeasurethedispositioneffect.Ifindpresenceofthedispositioneffectonthemarket,butcontrarytootherinvestorgro