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Episode 32: Beyond Gains and Losses: Exploring the Disposition Effect
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In this episode of the Bryan Foltice Behavioral Finance Podcast, Dr. Bryan Foltice delves into foundational concepts of behavioral finance. He revisits prospect theory, emphasizing our differing sensitivities to gains and losses, and introduces the disposition effect - our tendency to sell winning stocks too early and hold onto losing stocks too long.
Dr. Foltice shares personal anecdotes and research findings, including a study on the efficacy of trailing stop loss orders in minimizing the disposition effect and improving investment strategies. Tune in for more insights and practical advice on making smarter financial decisions.
00:00 Introduction to the Podcast
00:23 Overview of Today's Topic
01:40 Understanding Prospect Theory
04:30 The Disposition Effect Explained
07:35 Personal Anecdotes and Lessons
08:41 Research and Strategies to Mitigate the Disposition Effect
11:26 Practical Application of Trailing Stop Losses
14:17 Conclusion and Final Thoughts
References:
"Are Investors Reluctant to Realize Their Losses?" Terrance O'Dean Journal of Finance https://faculty.haas.berkeley.edu/odean/papers%20current%20versions/areinvestorsreluctant.pdf
"Exploring the Effectiveness of Trailing-Stop-Loss Strategies for Individual Investors" by Steve Dolvin and Bryan Foltice - Journal of Beta Investment Strategies Journal. https://www.pm-research.com/content/iijindinv/14/1/29
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