文献研究报告：Realization utility之ABC

TIDE于2021年4月27晚上19点—21点进行了一场报告

报告题目：ABC of Realization utility

报告人： 张展培

导论

· 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.

· 根据投资者从损益实现中获得效⽤的理论，构建了⼀个实现效⽤数理模型，⽤以解释处置效应等⾦融异象。

现将报告的PPT分享