文章基本信息

标题：The Disposition Effect in the Brazilian Equity Fund Industry
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作者：Elton Tizziani ; Marcelo Cabus Klotzle ; Walter Lee Ness Jr. 等
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2010
卷号：8
期号：4
页码：383-416
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：The goal of this study is to test the disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, by analyzing all Brazilian equity fund portfolios from November 2003 to March 2008. The analysis based on the number of trades shows that equity funds are subject to the disposition effect. On the other hand, contrary to evidence from the American stock market, when the analysis is based on trading volume, the disposition effect is not found. Finally, the disposition effect is strongest in funds open to non-qualified investors.
其他摘要：The goal of this study is to test the disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, by analyzing all Brazilian equity fund portfolios from November 2003 to March 2008. The analysis based on the number of trades shows that equity funds are subject to the disposition effect. On the other hand, contrary to evidence from the American stock market, when the analysis is based on trading volume, the disposition effect is not found. Finally, the disposition effect is strongest in funds open to non-qualified investors.
关键词：Disposition Effect, Equity Funds, Behavioral Finance;Efeito Disposição, Fundos de Investimento em Ações, Finanças Comportamentais
其他关键词：Disposition Effect, Equity Funds, Behavioral Finance;G11, G12, G20