| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14440 |
| 来源ID | Working Paper 14440 |
| Realization Utility | |
| Nicholas C. Barberis; Wei Xiong | |
| 发表日期 | 2008-10-24 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | A number of authors have suggested that investors derive utility from realizing gains and losses on assets that they own. We present a model of this "realization utility," analyze its predictions, and show that it can shed light on a number of puzzling facts. These include the disposition effect, the poor trading performance of individual investors, the higher volume of trade in rising markets, the effect of historical highs on the propensity to sell, the individual investor preference for volatile stocks, the low average return of volatile stocks, and the heavy trading associated with highly valued assets. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w14440 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572115 |
| 推荐引用方式 GB/T 7714 | Nicholas C. Barberis,Wei Xiong. Realization Utility. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14440.pdf（363KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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