大裂谷
无理数
处置效应
现象
心理学
经验证据
实证研究
性情
社会心理学
特质
程序设计语言
生物
计算机科学
天文
量子力学
认识论
数学
几何学
物理
背景(考古学)
哲学
古生物学
作者
Siria Xiyueyao Luo,Femke van Horen,Kobe Millet,Marcel Zeelenberg
摘要
Abstract Investors are often inclined to keep losing stocks too long, despite this being irrational. This phenomenon is part of the disposition effect (“people ride losers too long, and sell winners too soon”). The current research examines the role of hope as a potential explanation of why people ride losers too long. Three correlational studies (1A, 1B, and 2) find that people's trait hope is positively associated with their inclination to keep losing stocks, regardless of their risk‐seeking tendency (Study 2). Further, three experimental studies (3, 4, and 5) reveal that people are inclined to hold on to losing (vs. not‐losing) stocks because of their hope to break even and not because of their hope to gain. Studies 4 and 5 provide process evidence confirming the role of hope and indicate potential interventions to decrease people's tendency to keep losing stocks by reducing the hope. The findings contribute to the limited empirical literature that has investigated how emotions influence the disposition effect by providing empirical evidence for the role of hope. Moreover, the findings add to the literature of hope by revealing its role in financial decision‐making and show a “dark side” of this positive emotion.
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