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Jurnal

JMR : JOURNAL OF MARKETING RESEARCH

Keyword

disappointment, regret, counterfactuals, andividual investors

Pengarang

  1. Mchal Ann Strahilevitz
  2. Terrance Odean
  3. Brad M. Barber

    Subject

    MARKETING

    [Abstrak]

      
    investors’nprevious experiences
    with a stock affect their willingness to repurchase that stock. Using detailed
    trade data from two brokers, the authors document that investors are reluctant
    to repurchase stocks previously sold for a loss and stocks that have risen in
    price subsequent to a prior sale. The authors propose that this behavior
    reflects investors’ emotional reactions to trading and their attempts to
    distance themselves from negative emotions (e.g., disappointment, regret).
    Investors are dissappointed when they sell a stock for a loss and regret having
    ever purchased the stock; these negative emotions deter investors from later
    repurchasing stocks they sold for a loss. Having sold a stock, investors are
    disappointed if the stock continues to rise and regret having sold the stock in
    the first place; these negative emotions deter investors from repurchasing
    stocks that go up since being sold. Thus, investors engage in reinforcement
    learning by repurchasing stocks whose previous purchase resulted in positive
    emotions and avoiding stocks whose previous purchase resulted in negative
    emotions

    Periode

    Vol 48, Nomor SPE, Tahun 2011

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