![]() ![]() There is evidence that it is lower when financial advice has been given, and when investors are experienced, and that it is higher among inexperienced investors, and in women, and people from certain cultures. The disposition effect has been related to some investor characteristics. Odean proposed one of the most widely used methods for computing the disposition effect, both for investors trading in the real stock market and for participants in experimental settings. Another work, among the most commonly cited on the subject, is that of Odean, who analyzed the operations of clients of a discount brokerage house, also in the USA. The term "disposition effect" was coined by Shefrin and Statman when they analyzed the percentages of gains and losses in mutual fund transactions in the USA. One of the most frequently studied anomalies is the disposition effect, which consists of the fact that investors tend to hold losing positions longer than gaining positions. The behavioral finance literature has reported the existence of several anomalies in investor decision making. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.ĭata Availability: The data underlying the results presented in the study are available from: įunding: This study was financed in part by the Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - Brazil (CAPES) - Finance Code 001 (AP) And also supported by Grant 306385/2018-0, National Council for Scientific and Technological Development (CNPq), Brazil (NCJr) The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.Ĭompeting interests: The authors have declared that no competing interests exist. Received: JanuAccepted: MaPublished: April 12, 2023Ĭopyright: © 2023 Costa Jr et al. PLoS ONE 18(4):Įditor: Vasileios Kallinterakis, University of Durham: Durham University, UNITED KINGDOM Citation: da Costa N Jr, Paraboni AL, Goulart M (2023) Disposition effect and reference points: An experimental study. ![]()
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