Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan
European Financial Management, June 2007
In this study, Professor Brad Barber and co-authors Terrance Odean from U.C. Berkeley, and Yi-Tsung Lee and Yu-Jane Liu from National Chengchi University ask whether the typical investor and the aggregate investor exhibit a bias known as the disposition effect, which is the tendency to sell investments that are held for a profit at a faster rate than investments held for a loss.