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The disposition effect is an anomaly discovered in behavioral finance. It relates to the tendency of investors to sell shares whose price has increased, while keeping assets that have dropped in value. ==Description== Investors are less willing to recognize losses (which they would be forced to do if they sold assets which had fallen in value), but are more willing to recognize gains. This is irrational behaviour, as the future performance of equity is unrelated to its purchase price.〔Camerer C.F. (2000) “Prospect theory in the wild: evidence from the field,” in ''Choices, values and frames'', Kahneman D. & Tversky A. (eds), Russell Sage, New York and Cambridge University Press, Cambridge〕 If anything, investors should be more likely to sell “losers” in order to exploit tax reductions on capital gains.〔〔Barberis N. & Xiong W. (2009) “What drives the disposition effect? An analysis of a long-standing preference-based explanation,” ''The Journal of Finance'', 64(2): 751-784〕 In a study by Terrance Odean, this tax-motivated selling is only observed in December, the final opportunity to claim tax cuts by unloading losing stocks; in other months, the disposition effect is typically observed.〔Odean T. (1998) “Are investors reluctant to realize their losses?” ''The Journal of Finance'', 53(5): 1775-1798〕 The disposition effect can be partially explained using loss aversion.〔Weber M. & Camerer C.F. (1998) “The disposition effect in securities trading: an experimental analysis,” ''Journal of Economic Behavior and Organization'', 33(2): 167-184〕 More comprehensive explanations also use other aspects of prospect theory, such as reflection effect,〔Shefrin H. & Statman M. (1985) “The disposition to sell winners too early and ride losers too long: theory and evidence,” ''The Journal of Finance'', 40(3) Papers and Proceedings of the Forty-Third Annual Meeting American Finance Association, Dallas, Texas December 28-30, 1984: 777-790〕〔Frazzini A. (2006) “The disposition effect and underreaction to news,” ''The Journal of Finance'', 61(4): 2017-2046〕 or involve cognitive dissonance. ==See also== * Endowment effect * Prospect theory * Status quo bias * Loss aversion * sunk cost is a kind of disposition effect * Cognitive dissonance 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Disposition effect」の詳細全文を読む スポンサード リンク
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