NO.PZ201511190100000302
问题如下：
Which of Tang’s observations is least likely to be the consequence of Jordan demonstrating loss-aversion bias?
选项：
A.Observation 1.
B.Observation 2.
C.Observation 3.
解释：
C is correct.
Loss aversion by itself may cause a sector concentration; however, a market neutral strategy tends to focus on individual stocks without regard to the sector. The sector exposure would be mitigated with the balancing of the individual long and short positions.
助教我對b選項還是有點不太了解，我看了之前的解釋：
这道题问的是least likely。最不能表现loss aversion 的选项。
文中说基金过去12个月表现不好，B选项说交易量下降。sell winner，hold loser，由于基金表现不好，所以继续持有，希望之后股价能变好，这正是loss aversion的表现。
說得很通但是講義p82頁說：
as the result of loss averse fmp may do the following
1.hold the investment in the loss position longer than justified
2.sell the investment in the gain earlier than justified
3.limited the upside potential of a portfolio by selling the winner and holding the loser
4.trade excessively as a result of selling winner.
5.hold the risker portfolio
其中第四条说明了loss aversion bias 会有过度交易的行为。
我的疑问是我要如何把之前的解释和老师的讲义里的内容相结合呢？
