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Are French Individual Investors reluctant to realize their losses?

Boolell-Gunesh S. (), Marie-Hélène Broihanne and Maxime Merli
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Boolell-Gunesh S.: Laboratoire de Recherche en Gestion et Economie, Université Louis Pasteur

Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg

Abstract: We analyze the presence of the disposition effect for 90 244 French individual investors based on a large brokerage account database between 1999 and 2006. Main results show that a) French investors demonstrate a strong preference for realizing their winning stocks rather than their losing ones (disposition effect).b) the behavioral bias is not eliminated for sophisticated individual investors (higher trading activity or international diversification) c) more originally, based on French account specificities, we demonstrate that the change of “fiscal account type” does not imply a change in investors’ behavior (at an individual level of the disposition effect).

JEL-codes: G10 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2008-09

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