The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect
The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect
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DOI：
10.1093/rfs/hhx016
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发表时间：
2017-06-01
影响因子：
8.2
通讯作者：
Schudy, Simeon
中科院分区：
文献类型：
--
作者：
Fischbacher, Urs;Hoffmann, Gerson;Schudy, Simeon
本文通过实验室实验研究了自动售货设备是否会降低投资者的处置效应。投资者可以积极买卖资产。治疗组的投资者使用止损和获取收益选项自动出售资产。此外，我们还引入了一个提醒条件，提醒投资者在触及限价时的卖出计划。结果表明，自动售货机处理显著降低了DE，但提醒处理没有。因此，事先承诺自动亏本出售的机会，在因果关系上降低了处置效果。
We investigate whether automatic selling devices causally reduce investors' disposition effect (DE) in a laboratory experiment. Investors can actively buy and sell assets. Investors in the treatment group use stop-loss and take-gain options to automatically sell assets. In addition, we introduce a reminder condition that reminds investors about their selling plan if a limit is hit. Results show that the automatic selling device treatment significantly reduces the DEs, but the reminder treatment does not. Thus, the opportunity to ex ante commit to automatically selling at a loss causally reduces the disposition effect.