کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
958447 | 1478845 | 2013 | 19 صفحه PDF | دانلود رایگان |
We analyze how gender and age, internal characteristics of retail futures traders—one that remains fixed while the other changes over a lifetime—and the security being traded and bull–bear market conditions, two external factors, are related to the disposition effect by separately tracking their trade-by-trade transaction histories over a period of close to six years on the Taiwan Futures Exchange (TAIFEX). We show that women and mature traders, compared with their male and younger counterparts, exhibit a stronger disposition effect. The effect is also stronger among traders who trade financial-sector futures contracts than among those who trade electronic-sector futures contracts. We further demonstrate that a bear market sees a stronger disposition effect.
► The disposition effect is related to a trader’s gender, age, the specific type of futures traded, and market conditions.
► Women and mature traders, compared with their male and younger counterparts, exhibit a stronger disposition effect.
► Traders who trade financial-sector futures contracts exhibit stronger disposition effect.
► A bear market sees a stronger disposition effect and this occurs mainly among men and younger traders.
Journal: Journal of Empirical Finance - Volume 21, March 2013, Pages 195–213