https://scholars.lib.ntu.edu.tw/handle/123456789/165871
標題: | Does Yearend Sweep Ameliorate the Disposition Effect of Mutual Fund Investors? | 作者: | Chiu, Shean-Bii Chen, Hsuan-Chi Yeh, Yin-Hua Shu, Pei-Gi |
關鍵字: | disposition effect;mutual fund investors;yearend sweep | 公開日期: | 19-十二月-2002 | 出版社: | 臺北市:國立臺灣大學財務金融學系 | 摘要: | Even though mutual fund investors in general are less active than individual investors, they still exhibit the disposition effect: a tendency to sell winners too soon while keep losers too long. However, in January and February, the months approaching Chinese New Year, investors are less disposed to dealing with their winners and losers. This might be related to their urgency in need of money for preparing the spending during the Lunar New Year festival; or they trigger the self-control mechanism to clear position, dubbed as yearend sweep that is a tradition before the Lunar New Year festival in Chinese societies. In fact, we find that investors have higher average returns and higher ex-post returns when their tendency of disposition is ameliorated, as the case in January and February. Moreover, when the market return as a whole is less than satisfactory, investors tend to exhibit the disposition effect. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/20060927122728976527 | 其他識別: | 20060927122728976527 |
顯示於: | 財務金融學系 |
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