Salience and the Disposition Effect: Evidence from the Introduction of 'Cash-Outs' in Betting Markets.
The disposition effect describes the tendency of investors to sell assets that have increased in value since purchase, and hold those that have not. We analyze the introduction of betting market 'Cash-Outs,' which provide a continual update-and therefore increase the salience-of bettors' paper profi...
| Publicado en: | Southern Economic Journal Vol. 83; no. 4; pp. 1052 - 1074 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Apr2017
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=122381721&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 122381721 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Apr2017 vid: 83 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 122381721 10.1002/soej.12202 ppf: 1052 ppct: 22 formats: fmt: – @attributes: type: T – @attributes: type: P size: 300KB tig: atl: Salience and the Disposition Effect: Evidence from the Introduction of 'Cash-Outs' in Betting Markets. aug: au: Brown, Alasdair Yang, Fuyu affil: School of Economics, University of East Anglia, Norwich NR4 7TJ, UK su: Investors Prices Businesspeople Gambling Aleatory contracts sug: subj: Investors Prices Businesspeople Other Gambling Industries Gambling Aleatory contracts keyword: G02 G12 G14 G02 G12 G14 ab: The disposition effect describes the tendency of investors to sell assets that have increased in value since purchase, and hold those that have not. We analyze the introduction of betting market 'Cash-Outs,' which provide a continual update-and therefore increase the salience-of bettors' paper profits/losses on each bet. We find that the introduction of Cash-Out increased the disposition effect in this market, as punters sold their profitable bets with greater frequency than before. We do not, however, find that the disposition effect has any impact on asset prices, either before or after this intervention. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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