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Peak Prices and the Disposition Effect
出版CeDEx, Centre for Decision Research & Experimental Economics, University of Nottingham, 2023
URLhttp://books.google.com.hk/books?id=74Na0AEACAAJ&hl=&source=gbs_api
註釋The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference, typically assumed to be the purchase price. Using data on stocks and housing sales, we show that the peak price achieved by an asset during the investor's period of holding constitutes an additional salient reference point for asset owners that overlaps, and interacts, with the purchase price reference point. Peaks occurring before the investor purchased the asset do not affect future sales, indicating that ownership affects how investors form reference points.