Инвесторлардың психологиялық қателіктері: Сату және ұстау эффектісі

Cognitive bias
The disposition effect is an anomaly discovered in behavioral finance. It relates to the tendency of investors to sell assets that have increased in value, while keeping assets that have dropped in value. Hersh Shefrin and Meir Statman identified and named the effect in their 1985 paper, which found that people dislike losing significantly more than they enjoy winning. The disposition effect has been described as one of the foremost vigorous actualities around individual investors because investors will hold stocks that have lost value yet sell stocks that have gained value." In 1979, Daniel Kahneman and Amos Tversky traced the cause of the disposition effect to the so called "prospect theory". The prospect theory proposes that when an individual is presented with two equal choices, one having possible gains and the other with possible losses, the individual is more likely to opt for the former choice even though both would yield the same economic result. The disposition effect can be minimized by a mental approach called "hedonic framing".

Nicholas Barberis and Wei Xiong have depicted the disposition impact as the trade of individual investors are one of the most important realities. The influence, they note, has been recorded in all the broad individual investor trading activity databases available and has been linked to significant pricing phenomena such as post earnings announcement drift and momentum at the stock level. In other conditions, for example in the real estate market, disposition effects were also discovered. Barberis has noted that the disposition effect is not a rational sort of conduct because of the reality of stock market momentum, meaning stocks that have performed well in the past six months appear to perform well in the next six months, and stocks that have done badly in the past six months tend to do poorly in the next six months. Dacey and Zielonka showed that the greater the level of stock prices volatility, the more prone the investor was to sell a loser, contrary to the disposition effect. This result explains the panic selling of stocks during a market collapse.

The effect was identified and named by Hersh Shefrin and Meir Statman in 1985. In their study, Shefrin and Statman noted that individuals do not like causing losses any more than they like making benefits, and individuals are able to gamble on losses. Consequently, investors will be energetic to sell stocks that have risen in value but holding onto stocks that have decreased value. The researchers coined the term "disposition effect" to describe this tendency of holding on to losing stocks too long and to sell off well performing stocks too readily. Shefrin colloquially described this as a "predisposition toward get evenitis." John R. Nofsinger has called this sort of investment behavior as a product of the desire to avoid regret and seek pride.

Researchers have traced the cause of the disposition effect to so called "prospect theory", which was first identified and named by Daniel Kahneman and Amos Tversky in 1979.

The disposition effect can be minimized by means of a mental approach called "hedonic framing". For example, individuals can try to force themselves to think of a single large gain as a number of smaller gains, to think of a number of smaller losses as a single large loss, to think of the combination of a major gain and a minor loss as a net minor gain, and, in the case of a combined major loss and minor gain, to think of the two separately. In a similar manner, investors show a reversed disposition effect when they are framed to think of their investment as progress towards a specific investment goal rather than a generic investment.