Waseda Organizational and Financial Economics Seminar:
“Transparency and Investment Decisions: Evidence from the Disposition Effect” (10/15)
講演者 / Speaker
ESHRAGHI, Arman （Professor, Cardiff Business School, Cardiff University）
日 時 / Date & Time
2018年10月15日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
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 開会の挨拶（宮島 英昭 早稲田大学高等研究所 顧問 ／ 商学学術院 教授）
13:05～14:05 講演
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・教職員
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
