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1、ReviewofFinance(2005)9:305–351©Springer2005DOI10.1007/s10679-005-2262-0DoInvestorSophisticationandTradingExperienceEliminateBehavioralBiasesinFinancialMarkets?LEIFENG1andMARKS.SEASHOLES21BearStearnsandCo;2U.C.BerkeleyDownloadedfromAbstract.Thispaperprovidesanindepthanaly
2、sisofaninvestor’sreluctancetorealizelossesandhispropensitytorealizegains–abehaviorknownasthedispositioneffect.Together,sophistication(staticdifferencesacrossinvestors)andtradingexperience(evolvingbehaviorofasingleinvestor)eliminatethereluctancetorealizelosses.However,anas
3、ymmetryexistsassophisticationandtradingexperiencereducethepropensitytorealizegainsby37%(butfailtoeliminatethispartofthebehavior.)Ourresearchdesignallowsustofollowanindividual’sbehaviorfromthestartofhisrof.oxfordjournals.orginvestinglife/career.Thisabilitymakesitpossibleto
4、tracktheevolutionofthedispositioneffectasitisreducedand/ordisappears.Ourresultsarerobusttoalternativeexplanationsincludingfeedbacktrading,calendareffects,andfrequencyofobservation.atAucklandUniversityofTechnologyonJanuary19,20111.IntroductionThispaperasks:doinvestorsophis
5、ticationandtradingexperienceattenuate(oreveneliminate)behavioralbiasesinfinancialmarkets?Wepayparticularattentiontothereluctanceofinvestorstorealizelossesandthepropensitytorealizegains–abehaviorknownasthedispositioneffect.Ourworkismotivatedbythelargeamountofresearchconcern
6、ingthedispositioneffectoverthepasttwodecades.Thedispositioneffectaffectsindividualinvestors,homebuyers,futurestraders,professionalaccountmanagers,experimentallaboratorysubjects,proprietarystocktraders,andfinancialinstitutions.1Inaverycomprehensivestudyofinvestmentbehaviori
7、nFinland,GrinblattandKeloharju(2001)showstrongevidenceofWethankanationalsecuritiesfirminChinaforprovidingthedatausedinthisstudy.WeareespeciallygratefultoTerryHendershottwhohasbeeninstrumentalinthedevelopmentofthispaper.Inaddition,wethankBradBarber,SanjivDas,KennethFroot,A
8、lokKumar,JohnNofsinger,Ter-ranceOdean,JeremyStein,AndreiShleifer,andNancyWallacefortheirsuggesti
