Journal of Economic Behavior & Organization Debiasing the Disposition Effect by Reducing the Saliency of Information about a Stock's Purchase Price
Journal of Economic Behavior & Organization Debiasing the Disposition Effect by Reducing the Saliency of Information about a Stock's Purchase Price
复制标题
DOI：
--
复制
发表时间：
--
期刊：
影响因子：
--
通讯作者：
Cary Frydman;Antonio Rangel
中科院分区：
文献类型：
--
作者：
Cary Frydman;Antonio Rangel
处置效应是指与资本损失的风险资产相比，投资者出售资本收益的风险资产的倾向更高的经验事实，并且与低交易绩效相关。我们使用股票交易实验室实验来调查是否有可能通过降低有关股票购买价格的信息以及资本损益的信息来减少受试者表现出处置效应的倾向。我们比较了两种实验条件：高显着性条件（交易软件突出显示股票的购买价格）和低显着性条件（根本不显示股票的购买价格）。我们发现个体在高显着性条件下表现出处置效应，而在低显着性条件下该效应要小 25%。这表明，可以通过降低财务报表和在线交易平台上显示的股票购买价格信息的显着性来消除处置效应。
The disposition effect refers to the empirical fact that investors have a higher propensity to sell risky assets with capital gains compared to risky assets with capital losses, and it has been associated with low trading performance. We use a stock trading laboratory experiment to investigate if it is possible to reduce subjects' tendency to exhibit a disposition effect by making information about a stock's purchase price, and thus about capital gains and losses, less salient. We compare two experimental conditions: a high-saliency condition in which the purchase price of a stock is prominently displayed by the trading software, and a low-saliency condition in which it is not displayed at all. We find that individuals exhibit a disposition effect in the high-saliency condition, and that the effect is 25% smaller in the low-saliency condition. This suggests that it is possible to debias the disposition effect by reducing the saliency with which information about a stock's purchase price is displayed on financial statements and online trading platforms.