Disposition effect 

嗨，爱思考的PZer你好：

1

Disposition effect 可以理解为 loss-aversion，请参考原版书 P75 例题 4 的第一句话："Loss-aversion bias, executed in practice as the disposition effect"

持有亏损的投资时间过长，而过早地卖出盈利的投资，请参考原版书 P74 最后一段的倒数第二句话

"the holding (not selling) of investments that have experienced losses (losers) too long, and the selling (not holding) of investments that have experienced gains (winners) too quickly."

2

考查题目：

2.1 课后题 Behavioral Finance and Investment Processes 章节第 14 题

案例背景中提到，Blake 发现自己持有的头寸有相当大的损失，当证券下跌时，她不愿意卖出

"On several occasions, Blake has found herself holding positions with sizable losses and she has been reluctant to sell when a security declines."

这句话体现出 disposition effect，所以不选

2.2 真题-2015-11-A

收录于经典题 The Behavioral Biases of Individuals 章节的 1.3 题，其实考查的是 loss-aversion，协会在解析的参考答案中，提到了 disposition effect，可以参考一下

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！