20款家常汤菜做法Institutional Investors, Past Performance, and
笑盈盈的近义词
Dynamic Loss Aversion
期刊名称： Journal of Financial & Quantitative Analysis
新学期新愿望作者： Paul G. J. O'Connell,Melvyn Teo
作者机构： FDO Partners LLC,Singapore Management University
领悟社会支持量表年份： 2009年
曲高和寡是什么意思期号： 第1期
关键词： Evolutionary;Economic growth;Technological芭比故事
change;Lakatos;Kuhn;Rearch programme
摘要：Using a proprietary databa of currency trades, this paper explores the effects of trading gains
and loss on risk-taking among large institutional investors. We find that institutional investors, unlike individuals, are not prone to the disposition effect. Instead, institutions aggressively reduce risk following loss and mildly increa risk following gains. This asymmetry is more pronounced later in the calendar year and among older and more experienced funds. We show that such performance dependence is consistent with dynamic loss aversion (Barberis, Huang, and Santos (2001)) and overconfidence. In addition, prior institutional gains and loss have palpable implications for future prices.
内容由中国教育图书进出口有限公司引进五谷指的什么
>财务助理的工作内容
