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1、Thisarticlewasdownloadedby:[NationalChiaoTungUniversity]On:09June2012,At:21:42Publisher:RoutledgeInformaLtdRegisteredinEnglandandWalesRegisteredNumber:1072954Registeredoffice:MortimerHouse,37-41MortimerStreet,LondonW1T3JH,UKJournalofBehavioralFinancePublica
2、tiondetails,includinginstructionsforauthorsandsubscriptioninformation:http://www.tandfonline.com/loi/hbhf20DoesProspectTheoryExplaintheDispositionEffect?abThorstenHens&MartinVlcekaUniversityofZurichandNNH,NorwegianSchoolofEconomicsbBanqueCantonaleVaudoisAva
3、ilableonline:31Aug2011Tocitethisarticle:ThorstenHens&MartinVlcek(2011):DoesProspectTheoryExplaintheDispositionEffect?,JournalofBehavioralFinance,12:3,141-157Tolinktothisarticle:http://dx.doi.org/10.1080/15427560.2011.601976PLEASESCROLLDOWNFORARTICLEFullterm
4、sandconditionsofuse:http://www.tandfonline.com/page/terms-and-conditionsThisarticlemaybeusedforresearch,teaching,andprivatestudypurposes.Anysubstantialorsystematicreproduction,redistribution,reselling,loan,sub-licensing,systematicsupply,ordistributioninanyf
5、ormtoanyoneisexpresslyforbidden.Thepublisherdoesnotgiveanywarrantyexpressorimpliedormakeanyrepresentationthatthecontentswillbecompleteoraccurateoruptodate.Theaccuracyofanyinstructions,formulae,anddrugdosesshouldbeindependentlyverifiedwithprimarysources.Thep
6、ublishershallnotbeliableforanyloss,actions,claims,proceedings,demand,orcostsordamageswhatsoeverorhowsoevercausedarisingdirectlyorindirectlyinconnectionwithorarisingoutoftheuseofthismaterial.THEJOURNALOFBEHAVIORALFINANCE,12:141157,2011CopyrightCTheInstitute
7、ofBehavioralFinanceISSN:1542-7560print/1542-7579onlineDOI:10.1080/15427560.2011.601976DoesProspectTheoryExplaintheDispositionEffect?ThorstenHensUniversityofZurichandNNH,NorwegianSchoolofEconomicsMartinVlcekBanqueCantonaleVaudoisThedispositioneffectistheobse
8、rvationthatinvestorstendtorealizegainsmorethanlosses.Thisbehaviorispuzzlingbecauseitcannotbeexplainedbytraditionalfinancetheories.Astandardexplanationofthedispositioneffectreferstoprospecttheoryand,inpa
