How Does Learning and Education Help to Overcome the Disposition Effect?

被引：23
|
作者：
Vaarmets, Tarvo [1 ]
Liivamagi, Kristjan [1 ]
Talpsepp, Tonn [1 ]
机构：
[1] Tallinn Univ Technol, Tallinn, Estonia
来源：
REVIEW OF FINANCE | 2019年 / 23卷 / 04期
关键词：
Disposition effect; Learning; Education; Intelligence; Mental abilities; PROSPECT-THEORY; INDIVIDUAL INVESTORS; BEHAVIORAL BIASES; INTELLIGENCE; PERFORMANCE; DECISION; BELIEFS; WINNERS; LOSERS; VOLUME;
D O I：
10.1093/rof/rfy006
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The paper assesses how intelligence, education, and learning affect the disposition effect using our exhaustive NASDAQ OMX Tallinn dataset. We employ survival analysis to show that higher intelligence and stronger learning abilities as measured by education level and the type of education lessen the disposition effect. More highly educated and intelligent investors also learn faster by trading. We find that mathematical abilities are beneficial for overcoming the disposition effect and propose that learning ability is one of the most important components of intelligence in affecting the disposition effect.
引用
收藏
页码：801 / 830
页数：30
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