Investor's Propensity to Gamble and Disposition Effect

在金融市场中，个人投资者通常表现出两种倾向，一种是赌博倾向，另一种是处置效应，即投资者抛售增值的(赢家)，保留失去价值的(输家)。利用2003年1月至2006年8月中国某大经纪商的个人投资者账户的唯一数据集，我发现中国的这两种倾向都很强，赌博偏好往往会削弱处置效应。

In financial markets,individual investors usually show two propensities,one is the preference to gamble and another is the disposition effect which means investors sell ones that have gained value(winners) and keep ones that have lost value(losers).Using a unique data set of individual investor's accounts at a China's big broker during January 2003 to August 2006, I find that in China both o the two propensities are very strong and the preference of gambling tends to weaken the disposition effect.