Waseda Organizational and Financial Economics Seminar:
“Transparency and Investment Decisions: Evidence from the Disposition Effect” (October 15)
講演者 / Speaker
ESHRAGHI, Arman （Professor, Cardiff Business School, Cardiff University）
日 時 / Date & Time
Monday, 15 October 2018, 13:00 – 14:30
会 場 / Venue
Rm. #1111 on the 11th floor, Building #11, Waseda University
主 旨 / Outline
“Transparency and Investment Decisions: Evidence from the Disposition Effect”
The tendency of investors to forgo loss realization in favor of gain realization, known as the disposition effect, is considerably reduced in a transparent trading environment.
Using proprietary data from a social trading platform, we follow a differences-in differences approach analyzing trading behavior within and between portfolios as they become publicly visible.
We find strong presence of the disposition effect in our sample consistent with prior literature but also show that the effect diminishes about 35% when trades and holdings are unhidden.
Our findings are robust to survivorship bias, learning and demographic effects, level of assets under management and alternative explanations.
In addition, we highlight the impact of ‘transparency culture’ on trading behavior through differences between the former West and East Germany with traders from the latter being less influenced by changes in transparency.
プログラム / Schedule
13:00～13:05 Opening Remarks （MIYAJIMA, Hideaki (Advisor, WIAS / Professor, Waseda University)）
13:05～14:05 Presentation
14:05～14:25 Question-and-answer session
14:25～14:30 Concluding Remarks（MIYAJIMA, Hideaki ）
対 象 / Prospected Audience
Faculty and staff members of a university, grad students, undergraduates
主 催 / Organizer
Research Institute of Business Administration, Waseda University
Waseda Institute for Advanced Study, Waseda University
申込み / Registration
Free of charge. Please come to the event venue directly.
