Séminaires de recherche

Rolling Mental Accounts

Finance

David Solomon , Marshall University

17 septembre 2015


When investors sell one asset and quickly buy another, their trades are consistent with rolling the mental account into the new asset rather than closing it. On days when an investor buys and sells (~31% of observations) there is no disposition effect, consistent with no disutility from realizing a loss. When trading the new position, investors exhibit a disposition effect based on the amount invested in the original position. Mutual funds exhibit a larger disposition effect when unable to roll accounts due to outflows. Sales occurring with a purchase have better performance, suggesting that avoiding the emotion of closing a mental account at a loss improves decisions.

Finance

Intervenant : Xavier Gabaix

13 juin 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Jessica Jeffers

18 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Contacts  

Département Finance 

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France

Faculté  

Matthias EFING

Finance (GREGHEC)

Voir le CV

4th Annual HEC Paris Workshop Preliminary Program “Banking, Finance, Macroeconomics and the Real Economy”  


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