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Cited by 3,657

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Are Investors Reluctant to Realize Their Losses?

Odean, Terrance·1998·The Journal of Finance
DOI 10.1111/0022-1082.00072
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Abstract

I test the disposition effect, the tendency of investors to hold losing investments too long and sell winning investments too soon, by analyzing trading records for 10,000 accounts at a large discount brokerage house. These investors demonstrate a strong preference for realizing winners rather than losers. Their behavior does not appear to be motivated by a desire to rebalance portfolios, or to avoid the higher trading costs of low priced stocks. Nor is it justified by subsequent portfolio performance. For taxable investments, it is suboptimal and leads to lower after‐tax returns. Tax‐motivated selling is most evident in December.

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Metadata

Authors
Odean, T.
Venue
The Journal of Finance
Publisher
Wiley
Published
1998-10
Volume
53
Issue
5
Pages
1775-1798
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/0022-1082.00072
OpenAlex
W3125388642
Cited by
3,657
References
4
FWCI
84.99
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Are Investors Reluctant to Realize Their Losses? https://app.cochat.ai/papers/10.1111/0022-1082.00072
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Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? The Journal of Finance. https://doi.org/10.1111/0022-1082.00072

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.