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Research On Disposition Effect Of The National Social Security Fund In Stock Market

Posted on:2017-05-10Degree:MasterType:Thesis
Country:ChinaCandidate:D ZhangFull Text:PDF
GTID:2279330488464138Subject:Finance
Abstract/Summary:PDF Full Text Request
The national social security fund is national reserve fund for social security, specially for the supply and justice of endowment insurance.At the background of population aging, the value-preserved and added of the national social security become more and more important,and the research of the investment behavior too. This paper focuses on disposition effect of the national social security fund,which is an irrational behavior offensive to Efficient Markets Hypothesis.Disposition effect means that the investors prefer selling the winners rather than the losses.So,this paper absorbs and draws lessons from the research achievement of the scholar at home and abroad,establishes the statictisc named "Trading Cycle Time" and creativitely uses 3 measurements of the gains and losses for the empirical research of the disposition effect of the national social security fund.The study bases on the transaction data of the national social security fund in stock market in the latest 3 years (from 2013 to 2015)This paper finds that, it makes no difference when using 3 different mearuerments for gains and losses, but the disposition effect exhibits at different degrees.There is no disposition effect in a long time, but it is uncertain in a short time.The study reveals another point that disposition effect exists in a bear market but not in a bull market.And this paper try to give some suggestions with the consideration of this paper’s and others’findings.
Keywords/Search Tags:The national social security fund, Disposition effect, Trading cycle time
PDF Full Text Request
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