Disposition Effect On Investors' Characteristics

The disposition effect is a common investment behavior in financial market,which is to sell profitable stocks too early and hold loss-making stocks for too long.In the process of investing,investors have distinctive personal characteristics,including personal profile,educational background,family background,investment experience,personality and so on.The disposition effect is closely related to all this characteristics of investors,which can directly influence the investment behavior.On the basis of essay review,this paper firstly systematically summarizes the characteristics of investors,classifies investors according to different classification standards,analyzes the psychological characteristics of investors and causes of disposal effects by using questionnaires,and at the same time makes empirical research on the existence and extent of disposal effects of different types of investors.The empirical results show that,compared with female investors,male investors showed a slightly stronger reverse treatment effect,at the same time the operation more stable,the impact of age on investors by the income and investment experience,overall,middle-aged investors have the weakest treatment effect,education overall and disposal effect negative correlation;the higher the share assets,the smaller the assets,The stronger the disposal effect.Finally,by analyzing the subjective influence factors,the author analyzes the reasons of investors ' disposal effect.From the angle of brokerage service,the investors of different characteristics are given corresponding investment guidance.