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Keep your customer knowledgeable: financial advisors as educators

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Disposition effect in fund managers. Fund and stock-specific factors and the upshot for investors

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The anatomy of the disposition effect: Which factors are most important?

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Does Risk Aversion Vary with Decision-Frame? An Empirical Test Using Recent Game Show Data

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Behavioral biases and retirement assets allocation of corporate pension plans

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Realization utility with adaptive reference points

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How analytical is your financial advisor?

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IPO market timing. The evidence of the disposition effect among corporate managers

Płotnicki, M., & Szyszka, A. (2014) · Global Finance Journal · doi:10.1016/j.gfj.2014.03.005 · Cited by 25

Individual Investor Sentiment and Comovement in Small Stock Returns

Kumar, A. (2003) · Cited by 24

Are All Individual Investors Equally Prone to the Disposition Effect All the Time? New Evidences from a Small MarketPreprint

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Can investment advisors promote rational investment? Evidence from micro-data in China

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How the Disposition Effect and Momentum Impact Investment ProfessionalsPreprint

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Rain or Shine: Where is the Weather Effect?

Goetzmann, W. N., & Zhu, N. (2003) · National Bureau of Economic Research · doi:10.3386/w9465 · Cited by 23

Framing and the disposition effect: evidence from mutual fund investor redemption behaviour

Niehaus, G., & Shrider, D. G. (2013) · Quantitative Finance · doi:10.1080/14697688.2013.819114 · Cited by 25

Disposition effect and mutual fund performance

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An experimental analysis of the disposition effect: Who and when?

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Rational disposition effects: Theory and evidence

Dorn, D., & Strobl, G. (2023) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2023.106858 · Cited by 23

Overconfidence and emotion regulation failure: How overconfidence leads to the disposition effect in consumer investment behaviour

Chu, W., Im, M., & Jang, H. (2012) · Journal of Financial Services Marketing · doi:10.1057/fsm.2012.7 · Cited by 23

Selling Losers and Keeping Winners: How Goal Dynamics Predict a Reversal of the Disposition Effect

Aspara, J., & Hoffmann, A. O. I. (2012) · Marketing Letters · doi:10.1007/s11002-013-9275-9 · Cited by 23

The Rise of Fund Managers in Foreign Exchange:Will Fundamentals Ultimately Dominate?

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Does Advertising Influence Investors? Evidence and Research Propositions

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How biased is the behavior of the individual investor in warrants?

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Thinking, feeling and deciding: the influence of emotions on the decision making and performance of traders

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Institutional Investors: The External Costs of a Successful Innovation

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Facing up to fund managers

Coleman, L. (2015) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-11-2013-0037 · Cited by 20

The Value of Financial Advice

Claude Montmarquette, A., & Viennot-Briot, N. (2015) · RePEc: Research Papers in Economics · Cited by 20

Investor characteristics and the effect of disposition bias on the Tunisian stock market

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How prior realized outcomes affect portfolio decisions

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Dying Out or Dying Hard? Disposition Investors in Stock MarketsPreprint

Oehler, A., Heilmann, K. R., Läger, V., & Oberländer, M. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.314139 · Cited by 20

Splitting the Disposition Effect: Asymmetric Reactions Towards 'Selling Winners' and 'Holding Losers'Preprint

Weber, M., & Welfens, F. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1176422 · Cited by 20

Can financial literacy be a substitute for financial advisers? Evidence from China

Liu, B., & Lu, B. (2023) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2023.102046 · Cited by 19

Nonaudit Services and Independence in Appearance: Decision Context Matters

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The Influence of Analyst and Management Forecasts on Investor Decision Making: An Experimental Approach

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Does Online Trading Change Investor Behavior?

Barber, B. M., & Terrance Odean, B. (2002) · European Business Organization Law Review · doi:10.1017/s1566752900000835 · Cited by 19

A bibliometric analysis of the disposition effect: Origins and future research avenues

Nieto, B. G., Ortiz, C., & Vicente, L. (2022) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2022.100774 · Cited by 23

Financial Advice Use and Saving for Children’s College Education: A Propensity Score Matching Approach

Korankye, T., Pearson, B. M., & Salehi, H. (2023) · Journal of Financial Counseling and Planning · doi:10.1891/jfcp-2021-0069 · Cited by 18

The disposition effect in farmers’ selling behavior: an experimental investigation

Vollmer, E., Hermann, D., & Mußhoff, O. (2018) · Agricultural Economics · doi:10.1111/agec.12475 · Cited by 21

What I Know, What I Think I Know, and Whom I Know

Chung, Y., & Park, Y. (2018) · Journal of Consumer Affairs · doi:10.1111/joca.12231 · Cited by 18

The financial advice puzzle: The role of consumer heterogeneity in the advisor choice

Amaral, C., & Kolsarici, C. (2019) · Journal of Retailing and Consumer Services · doi:10.1016/j.jretconser.2019.102014 · Cited by 18

Financial advice, financial literacy and social interaction: what matters to retirement saving decisions?

Fang, J., Hao, W., & Reyers, M. (2022) · Applied Economics · doi:10.1080/00036846.2022.2053654 · Cited by 18

Behavioral Finance of an Inefficient Market

Islam, S. (2012) · Global Journal of Management and Business Research · Cited by 18

Holding periods, illiquidity and disposition effect in the Chinese stock markets

Visaltanachoti, N., Lu, L., & Luo, H. (2007) · Applied Financial Economics · doi:10.1080/09603100600905053 · Cited by 18

Faster learning in troubled times: How market conditions affect the disposition effect

Muhl, S., & Talpsepp, T. (2017) · The Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2017.08.002 · Cited by 18

Behavioral Biases, Investor Performance, and Wealth Transfers between Investor GroupsPreprint

De, S., Gondhi, N. R., & Sarkar, S. K. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.2022992 · Cited by 19

Change is Good or the Disposition Effect Among Mutual Fund ManagersPreprint

Scherbina, A. D., & Li, J. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.687401 · Cited by 18

Do Investors’ Exhibit Cognitive Biases: Evidence From Indian Equity Market

Sharma, M., & Firoz, M. (2020) · International Journal of Financial Research · doi:10.5430/ijfr.v11n2p26 · Cited by 20

Disposition effect, demographics and risk taking

Oreng, M. A. C., Yoshinaga, C. E., & Eid, W. (2021) · RAUSP Management Journal · doi:10.1108/rausp-08-2019-0164 · Cited by 19

The disposition effect and its manifestations in South African investor teams

Shandu, P., & Alagidede, P. (2022) · Review of Behavioral Finance · doi:10.1108/rbf-01-2022-0027 · Cited by 17

Does training on behavioural finance influence fund managers’ perception and behaviour?

Nikiforow, M. (2010) · Applied Financial Economics · doi:10.1080/09603100903459832 · Cited by 19

Investors' Decision to Trade Stocks – An Experimental Study

Shafran, S., Ben‐Zion, U., & Shavit, T. (2009) · Journal of Behavioral Finance · doi:10.1080/15427560902902150 · Cited by 18

Exclusive vs. independent agents: a separating equilibrium approach

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Foreign institutions, local investors and momentum trading

Bradrania, R., & Wu, W. (2023) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2023.05.005 · Cited by 16

Sophistication of Individual Investors and Disposition Effect Dynamics

Boolell-Gunesh, S., Broihanne, M.-H., & Merli, M. (2012) · Finance · doi:10.3917/e.fina.331.0009 · Cited by 16

Behavioral biases in pension fund trustees’ decision making

Weiss‐Cohen, L., Ayton, P., Clacher, I., & Thoma, V. (2019) · Review of Behavioral Finance · doi:10.1108/rbf-05-2018-0049 · Cited by 17

Measuring the Disposition Effect

Winne, R. D. (2020) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2021.100468 · Cited by 16

Prospect theory and disposition patterns: evidence from Taiwan investors

Kuo, M., & Chen, S. K. (2012) · Studies in Economics and Finance · doi:10.1108/10867371211203846 · Cited by 16

The value of financial advice: An analysis of the investment performance of advised and non-advised individual investors

Allie, J., West, D., & Willows, G. D. (2016) · Investment Analysts Journal · doi:10.1080/10293523.2016.1201292 · Cited by 16

Stockholders’ Unrealized Returns and the Market Reaction to Financial Disclosures

Weisbrod, E. H. (2018) · The Journal of Finance · doi:10.1111/jofi.12743 · Cited by 17

Buying and Selling Behavior of Individual Investors in Option-Like Securities

Schmitz, P., & Weber, M. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2055088 · Cited by 21

Is the disposition effect in bonds as strong as in stocks? Evidence from an emerging market

Hincapié, J., & Agudelo, D. A. (2019) · Global Finance Journal · doi:10.1016/j.gfj.2019.100508 · Cited by 17

Are mutual fund investors loss averse? Evidence from China

Jiang, J., Shrider, D. G., Ting, H., & Wu, Y. (2020) · Financial Review · doi:10.1111/fire.12252 · Cited by 16

The influence of investment experience on market prices: laboratory evidence

Huber, J., Kirchler, M., & Stöckl, T. (2015) · Experimental Economics · doi:10.1007/s10683-015-9445-0 · Cited by 15

Investor Expertise as Mastery over Mind: Regulating Loss Affect for Superior Investment Performance

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DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

Lucchesi, E. P., Yoshinaga, C. E., & Castro, F. H. (2015) · Revista de Administração de Empresas · doi:10.1590/s0034-759020150104 · Cited by 17

On the relationship between concentration of prospect theory/mental accounting investors, cointegration, and momentum

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Could the Extended Trading of CSI 300 Index Futures Facilitate Its Role of Price Discovery?

Sohn, S., & Zhang, X. (2016) · Journal of Futures Markets · doi:10.1002/fut.21804 · Cited by 15

Overselling winners and losers: How mutual fund managers' trading behavior affects asset prices

An, L., & Argyle, B. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2020.100580 · Cited by 16

FACTORS AFFECTING DISPOSITION EFFECT IN EQUITY INVESTMENT: A SOCIAL NETWORK ANALYSIS APPROACH

Kajol, K., Biswas, P., Singh, R. A., Moid, S., & Das, A. K. (2020) · International Journal of Accounting & Finance Review · doi:10.46281/ijafr.v5i3.845 · Cited by 15

How Do Homeowners Choose Between Fixed and Adjustable Rate Mortgages?

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Investors' Activity and Trading BehaviorPreprint

Kyrolainen, P. J., & Perttunen, J. (2003) · SSRN Electronic Journal · doi:10.2139/ssrn.302685 · Cited by 15

The disposition effect among mutual fund participants: a re-examination

da Silva, P. P., Mendes, V., & Abreu, M. (2021) · European Journal of Finance · doi:10.1080/1351847x.2021.1998176 · Cited by 14

Framing effect and disposition effect: investment decisions tools to understand bounded rationality

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Trading behavior-stock market volatility nexus among institutional and individual investors

Saranj, A., & Zolfaghari, M. (2025) · Financial Innovation · doi:10.1186/s40854-024-00717-0 · Cited by 14

Active Portfolio Management on the Romanian Stock Market

Tudor, C. D. (2012) · Procedia - Social and Behavioral Sciences · doi:10.1016/j.sbspro.2012.09.1031 · Cited by 14

Risk Tolerance, Return Expectations, and Other Factors Impacting Investment Decisions

Sivarajan, S., & de Bruijn, O. (2020) · The Journal of Wealth Management · doi:10.3905/jwm.2020.1.124 · Cited by 16

Towards an integrated debiasing framework for consumer financial decisions: A reflection on debiasing research

Jugnandan, S., & Willows, G. D. (2023) · International Journal of Consumer Studies · doi:10.1111/ijcs.12935 · Cited by 17

Framing and the disposition effect in a scopic regime

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Financial advisory services meetings and their impact on saving behavior – A difference-in-difference analysis

Hermansson, C., & Song, H. (2016) · Journal of Retailing and Consumer Services · doi:10.1016/j.jretconser.2016.01.017 · Cited by 14

Sophisticated and Unsophisticated Investors' Reactions to Analysts' Forecast Revisions Conditional on Factors that are Associated with Forecast AccuracyPreprint

BONNER, S. E., Walther, B. R., & Young, S. M. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.280710 · Cited by 14

Financial Advisors: A Case of Babysitters?Preprint

Hackethal, A., Haliassos, M., & Jappelli, T. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1626160 · Cited by 14

Financial Advice and Household Financial Portfolios

Brown, S., Bucciol, A., Montagnoli, A., & Taylor, K. (2021) · Oxford Bulletin of Economics and Statistics · doi:10.1111/obes.12613 · Cited by 13

A study of boundedly rational behaviour in housing choice: evidence from Malaysia

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Extending Working Life:Behaviour Change Interventions

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O Efeito Disposição na Indústria Brasileira de Fundos de Investimento em Ações

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Investment Under Uncertainty: Testing the Options Model with Professional Traders

List, J. A., & Haigh, M. S. (2010) · The Review of Economics and Statistics · doi:10.1162/rest_a_00041 · Cited by 13

The Disposition Effect Demonstrated on IPO Trading VolumePreprint

Szyszka, A., & Zielonka, P. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.964985 · Cited by 14

The Disposition Effect in Boom and Bust MarketsPreprint

Bernard, S., Loos, B., & Weber, M. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3779254 · Cited by 13

Commonality in individuals' trading: A systematic path between behavioral bias and expected returns

Chae, J., & Yang, C. (2012) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2012.07.003 · Cited by 12

The edge of reason: A thematic analysis of how professional financial traders understand analytical decision making

Anderson, I., & Thoma, V. (2020) · European Management Journal · doi:10.1016/j.emj.2020.08.006 · Cited by 13

Trading Dynamics in the Foreign Exchange Market: A Latent Factor Panel Intensity Approach

Nolte, I., & Voev, V. (2010) · Journal of Financial Econometrics · doi:10.1093/jjfinec/nbq033 · Cited by 12

Behavioral finance and wealth management: Market anomalies, investors’ behavior and the role of financial advisors

Cervellati, E. M., Angelini, N., & Stella, G. P. (2024) · doi:10.22495/bfwm · Cited by 12

Stocks’ pricing dynamics and behavioral finance: A review

Sinha, P. C. (2015) · Management Science Letters · doi:10.5267/j.msl.2015.7.003 · Cited by 12

The role of over-reaction and the disposition effect in explaining momentum in Latin American emerging markets

Abínzano, I., Muga, L., & Santamaria, R. (2011) · Investigación Económica · doi:10.22201/fe.01851667p.2010.273.24255 · Cited by 12

How Different Types of Traders Behave in the Taiwan Futures Market

Li, H. C., Lin, C. H., Cheng, T. Y., & Lai, S. (2012) · Journal of Futures Markets · doi:10.1002/fut.21588 · Cited by 13

Network interdependency between social media and stock trading activities: Evidence from China

Lin, S., Ren, D., Zhang, W., Zhang, Y., & Shen, D. (2016) · Physica A Statistical Mechanics and its Applications · doi:10.1016/j.physa.2016.01.095 · Cited by 12

Individual Investor Trading

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Varieties of funds and performance: the case of private equity

Manac, R.-D., Martin, J., & Wood, G. (2022) · European Journal of Finance · doi:10.1080/1351847x.2022.2037681 · Cited by 11

Wide framing disposition effect: An empirical study

Brettschneider, J. A., Burro, G., & Henderson, V. (2021) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2021.03.003 · Cited by 11

Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland

Wolski, R., Bolek, M., Gajdka, J., Brzeszczyński, J., & Kutan, A. M. (2023) · Qualitative Research in Financial Markets · doi:10.1108/qrfm-07-2021-0124 · Cited by 11

Investor Logins and the Disposition Effect

Quispe-Torreblanca, E. G., Gathergood, J., Loewenstein, G. F., & Stewart, N. (2024) · Management Science · doi:10.1287/mnsc.2022.00359 · Cited by 12

Up Close and Personal: Investor Sophistication and the Disposition Effect

Dhar, R., & Zhu, N. (2006) · Management Science · doi:10.1287/mnsc.1040.0473 · Cited by 840

Disposition effect across distinct investor categories in a tax-free context: are team dynamics and cognitive dissonance behind it?Preprint

de Groot, A., Núñez‐Letamendia, L., & de Groot, O. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3824349 · Cited by 1

Are All Individual Investors Equally Prone to the Disposition Effect All the Time? New Evidence from a Small Market

Duque, J. (2010) · Cited by 24

The disposition effect in South African Equity markets

Bashall, J. (2014) · Open University of Cape Town (University of Cape Town)

Are Swedish Mutual Fund Managers Riding Their Losers Too Long? : An Investigation of the Disposition Effect for Professional Investors

Vilhelmsson, E. (2011) · Jonkoping University Library (Jönköping University)