TY  - UNPD
A1  - Bernard, Sabine Esther
A1  - Weber, Martin
A1  - Loos, Benjamin
T1  - How speculative asset characteristics shape retail investors' selling behavior
T2  - SAFE working paper series ; 378
N2  - Using German and US brokerage data we find that investors are more likely to sell speculative stocks trading at a gain. Investors’ gain realizations are monotonically increasing in a stock’s speculativeness. This translates into a high disposition effect for speculative and a much lower disposition effect for non-speculative stocks. Our findings hold across asset classes (stocks, passive, and active funds) and explain cross-sectional differences in investor selling behavior which previous literature attributed primarily to investor demographics. Our results are robust to rank or attention effects and can be linked to realization utility and rolling mental account.
T3  - SAFE working paper - 378 
KW  - Selling Behavior
KW  - Disposition Effect
KW  - Retail Investor
KW  - Speculation
KW  - Higher Moments of Return
KW  - Realization Utility
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/70128
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-701282
UR  - https://ssrn.com/abstract=4323051
IS  - January 2023
PB  - SAFE
CY  - Frankfurt am Main
ER  -