using the data of china「s individual investors, this article studies the disposition effect of china」s stock market and researches whether the december effect will influence disposition effect.
本文利用中国个体投资者交易账户的交易数据对中国股票市场个体投资者「处置效应」进行了实证分析,并考察了中国股票市场是否存在「十二月效应」对「处置效应」的影响。
we further analyze disposition effect characteristics of individual investors under bull or bear markets based on the psychological phenomena that emotion affects investment decisions.
依据情绪影响投资者决策的心理学结论,本文进一步分析了在不同的市场态势下,个体投资者「处置效应」的特征。
the disposition effect is a kind of investor「s typical behavior bias. at present, a lot of scholars have studied on it extensively, and come to many standpoints and conclusions.
处置效应是一种典型的投资者行为偏差,目前国外学者对其进行了广泛的研究,形成了很多观点和结论。
the results show that there is obvious disposition effect on institutional investors although the turnover ratio of mutual funds is lower than that of stocks.
结果表明:尽管基金的周转率远低于股票交易周转率,基金投资者仍然存在明显的处置效应;
it is significant to understand disposition effect and its psychological reasons.
了解「倾向效应」及其心理动因具有积极的现实意义。
the result shows that among china」s individual investors there exists distinct disposition effect and in december there exists reverse disposition effect.
本文研究表明,中国个体投资者存在显着的「处置效应」,并在十二月份存在「反处置效应」现象。
we suggest that small investors'psychological bias such as overconfidence, anchoring and disposition effect can account for some of the irrational behaviors in chinese warrant bubbles.
最后,我们从行为金融角度指出过度自信、锚定效应、处置效应等心理因素可解释散户投资者的非理性行为。
this prove workforce disposition effect play a remarkable role in contributing in the whole ratio of factor productivity.
这说明在全要素生产率贡献中劳动力的再配置效应发挥了显着作用。