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首页> 外文期刊>Journal of banking & finance >The disposition effect in team investment decisions: Experimental evidence
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The disposition effect in team investment decisions: Experimental evidence

机译：团队投资决策中的处置效应：实验证据

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This paper experimentally studies the disposition effects of teams and individuals. The disposition effect describes the phenomenon that investors are reluctant to realize losses, whereas winners are sold too early. Our experiments compare the investments of two-person teams to a setting, where investors trade alone. We find that subjects investing jointly exhibit more pronounced disposition effects than individuals. A closer look reveals that investor teams hardly realize losses and predominately sell winners. The data suggest that decision-dependent emotions may explain the differences. That is, teams reporting high levels of regret exhibit significantly higher disposition effects than individuals. (C) 2015 Elsevier B.V. All rights reserved.
机译：本文通过实验研究团队和个人的处置效果。处置效应描述了这样一种现象：投资者不愿意识到损失，而赢家则被过早出售。我们的实验将两人团队的投资与投资者单独交易的环境进行了比较。我们发现，共同投资的主体比个人表现出更明显的处置效果。仔细观察可以发现，投资者团队几乎没有意识到亏损，而主要出售赢家。数据表明，与决策有关的情绪可以解释差异。也就是说，报告高度遗憾的团队比个人表现出更高的处置效果。 （C）2015 Elsevier B.V.保留所有权利。

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