Publikacja:

Investor Behavior and the Disposition Effect in Multi-Day Futures Trading

Data

2025
Artykuł
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cris.virtual.journalance#PLACEHOLDER_PARENT_METADATA_VALUE#
cris.virtualsource.journalancec5e604c2-f6bd-4f19-914c-e01c8ff3c6c3
dc.abstract.enResearch on investor decision-making under conditions of risk and uncertainty has long remained a core concern within behavioral economics. Moving beyond the assumption of full rationality has deepened our understanding of financial behavior by emphasizing the role of cognitive and behavioral factors. This study examines investor responses to daily settlements associated with holding index futures overnight and, using more than 120,000 multiday transactions from the Warsaw Stock Exchange (WIG20 futures, 2011–2024), investigates how profit realization and loss avoidance patterns vary across different reference points, profit- loss ranges, and holding periods. The results indicate that investors are similarly reluctant to realize shrinking profits and shrinking losses, revealing a systematic pattern in their closing behavior. These findings contribute to a deeper understanding of behavioral regularities in multi-day futures trading.
dc.abstract.plResearch on investor decision-making under conditions of risk and uncertainty has long remained a core concern within behavioral economics. Moving beyond the assumption of full rationality has deepened our understanding of financial behavior by emphasizing the role of cognitive and behavioral factors. This study examines investor responses to daily settlements associated with holding index futures overnight and, using more than 120,000 multiday transactions from the Warsaw Stock Exchange (WIG20 futures, 2011–2024), investigates how profit realization and loss avoidance patterns vary across different reference points, profit- loss ranges, and holding periods. The results indicate that investors are similarly reluctant to realize shrinking profits and shrinking losses, revealing a systematic pattern in their closing behavior. These findings contribute to a deeper understanding of behavioral regularities in multi-day futures trading.
dc.contributor.authorAndrzej Wodecki
dc.date.accessioned2026-03-18T08:43:22Z
dc.date.available2026-03-18T08:43:22Z
dc.date.issued2025
dc.date.published2025-12-15
dc.description.issue2
dc.description.versionVoR
dc.identifier.affiliation#PLACEHOLDER_PARENT_METADATA_VALUE#
dc.identifier.doi10.7206/cid.3071-7973.14
dc.identifier.issn3071-7973
dc.identifier.orcid#PLACEHOLDER_PARENT_METADATA_VALUE#
dc.identifier.urihttps://repozytorium.kozminski.edu.pl/handle/item/3876
dc.languageen
dc.publisherCollective and Individual Decisions
dc.relation.ispartofCollective and Individual Decisions
dc.relation.pages69-92
dc.rightsCC-BY-4.0
dc.subject.endisposition effect
dc.subject.enreference point
dc.subject.eninvestor behavior
dc.subject.enfutures trading
dc.subject.enfinancial economics
dc.subject.pldisposition effect
dc.subject.plreference point
dc.subject.plinvestor behavior
dc.subject.plfutures trading
dc.subject.plfinancial economics
dc.subtypeOriginal
dc.title

Investor Behavior and the Disposition Effect in Multi-Day Futures Trading

dc.typeArticle
dspace.entity.typePublication