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TIDE于2021年4月27晚上19點(diǎn)—21點(diǎn)進(jìn)行了一場(chǎng)報(bào)告

報(bào)告題目：ABC of Realization utility

報(bào)告人： 張展培

導(dǎo)論

· 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.

· 根據(jù)投資者從損益實(shí)現(xiàn)中獲得效?的理論，構(gòu)建了?個(gè)實(shí)現(xiàn)效?數(shù)理模型，?以解釋處置效應(yīng)等?融異象。

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