2013 Fiscal Year Final Research Report
Investor's Propensity to Gamble and Disposition Effect
| Project/Area Number |
23530439
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | Osaka City University |
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Principal Investigator |
ZHAI Linyu 大阪市立大学, 大学院経営学研究科, 教授 (40236964)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 投機性選好 / ディスポジション効果 / バイアス |
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| Research Abstract |
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.
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