Department of Finance, National Taiwan University; Department of Finance, Yuan-Ze University; Department of International Trade and Finance, Fu-Jen Catholic University; Department of Business Administration, Fu-Jen Catholic University.Chiu, Shean-BiiShean-BiiChiuChen, Hsuan-ChiHsuan-ChiChenYeh, Yin-HuaYin-HuaYehShu, Pei-GiPei-GiShu2006-09-272018-07-092006-09-272018-07-092002-12-19http://ntur.lib.ntu.edu.tw//handle/246246/20060927122728976527Even 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.application/pdf182674 bytesapplication/pdfzh-TWdisposition effectmutual fund investorsyearend sweepreporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/20060927122728976527/1/0212182.pdf