Publikation: The causal effect of stop-loss and take-gain orders on the disposition effect
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The Review of Financial Studies. 2017, 30(6), pp. 2110-2129. ISSN 0893-9454. eISSN 1465-7368. Available under: doi: 10.1093/rfs/hhx016
Zusammenfassung
We investigate whether automatic selling devices causally reduce investors’ disposition effect (DE) in a laboratory experiment. Investors can actively buy and sell assets. Investors in the treatment group use stop-loss and take-gain options to automatically sell assets. In addition, we introduce a reminder condition that reminds investors about their selling plan if a limit is hit. Results show that the automatic selling device treatment significantly reduces the DEs, but the reminder treatment does not. Thus, the opportunity to ex ante commit to automatically selling at a loss causally reduces the disposition effect.
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330 Wirtschaft
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FISCHBACHER, Urs, Gerson HOFFMANN, Simeon SCHUDY, 2017. The causal effect of stop-loss and take-gain orders on the disposition effect. In: The Review of Financial Studies. 2017, 30(6), pp. 2110-2129. ISSN 0893-9454. eISSN 1465-7368. Available under: doi: 10.1093/rfs/hhx016BibTex
@article{Fischbacher2017causa-28241,
year={2017},
doi={10.1093/rfs/hhx016},
title={The causal effect of stop-loss and take-gain orders on the disposition effect},
number={6},
volume={30},
issn={0893-9454},
journal={The Review of Financial Studies},
pages={2110--2129},
author={Fischbacher, Urs and Hoffmann, Gerson and Schudy, Simeon}
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