| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26668 |
| 来源ID | Working Paper 26668 |
| The Consumption Effects of the Disposition to Sell Winners and Hold Losers | |
| Benjamin Loos; Steffen Meyer; Michaela Pagel | |
| 发表日期 | 2020-01-20 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We use individual-level data on all security trades, holdings, spending, and income from an online retail bank. We study the effects of an exogenous change in the displayed purchase prices of the mutual funds in individuals’ portfolios. We find that individuals are more likely to sell what we call fictitious winners, i.e., funds that are winners under the newly displayed purchase price but are losers under the actual purchase price. We also document that individual consumption increases in response to realizing fictitious capital gains. We thus document a causal link among purchase prices, trades, and consumption using observational data and find that the trading and consumption results are more prevalent for less-informed investors. We thereby document a marginal propensity to consume out of (confused) capital gains, which is informative about the literature on consumption out of stock market wealth. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/w26668 |
| 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/584342 |
| 推荐引用方式 GB/T 7714 | Benjamin Loos,Steffen Meyer,Michaela Pagel. The Consumption Effects of the Disposition to Sell Winners and Hold Losers. 2020. |
| 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 | ||
| w26668.pdf（660KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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