We examine how investor preferences and beliefs affect trading in relation to past gains and losses. The probability of selling as a function of profit is V-shaped; at short holding periods, investors are more likely to sell big losers than small ones. There is little evidence of an upward jump in selling at zero profits. These findings provide no clear indication that realization preference ex...

Momentum profits are shown to be driven by the broad-market persistence of returns between the formation period and the holding period, which is measured as the slope coefficient of the regression of the cross-section returns in the holding period on the cross-section returns in the formation period. Broad-market persistence offers an understanding on momentum profits from a market-wide perspec...

It is generally believed that resource holding potential reliably reflects male quality, but empirical evidence showing this is scarce. Here we show that the outcome of male-male competition may predict male immunocompetence in the territorial damselfly, Calopteryx virgo (Odonata: Calopterygidae). We staged contests between 27 pairs of males and found that winners of the contests showed higher ...

Male mating success is often determined by territory ownership and traits associated with successful territory defense. Empirical studies have shown that the territory owner wins the majority of fights with challenging males. Several physical and physiological traits have been found to correlate with resource holding potential. In addition, in aerial insects, wing design may also have a strong ...

We document the presence of sizable distributional e¤ects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net winner of unexpected price level increases, with Italy, Greece, Portugal and Spain being the biggest bene…ciaries, and Belgium and Malta being the large...

Purpose: This article analyzes the influence of familiarity bias on respondents’ decision-making process, using results from online experiments. Design/methodology/approach: A total 255 research participants post-Soviet countries completed 510 tests that were presented in form investment games. In games, respondents allowed to sell, buy, or hold two types asset portfolios: familiar and unfamili...

We document the presence of sizable distributional e¤ects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net winner of unexpected price level increases, with Italy, Greece, Portugal and Spain being the biggest bene…ciaries, and Belgium and Malta being the large...