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- Title
O Efeito Disposição na Indústria Brasileira de Fundos de Investimento em Ações.
- Authors
Tizziani, Elton; Klotzle, Marcelo Cabus; Ness Jr., Walter Lee; Motta, Luiz Felipe
- Abstract
The goal of this paper is to test the disposition effect, the tendency of investors to sell winning investments too soon and hold losing investments too long, by analyzing all Brazilian equity fund portfolios from November 2003 to March 2008. The analysis based on the number of trades shows that equity funds are subject to the disposition effect. On the other hand, contrary to evidence from the American stock market, when the analysis is based on trading volume, the disposition effect is not found. Finally, the disposition effect is strongest in funds open to non-qualified investors.
- Subjects
BRAZIL; STOCK funds; INVESTORS; INVESTMENTS; EQUITY participations; FINANCIAL risk; FINANCIAL services industry
- Publication
Brazilian Review of Finance / Revista Brasileira de Finanças, 2010, Vol 8, Issue 4, p383
- ISSN
1679-0731
- Publication type
Article
- DOI
10.12660/rbfin.v8n4.2010.1651