This article sorts the returns of listed companies in A-share market from May 1991 to April 2022 over past J months, selects winners and losers, constructs a zero investment portfolio, holds it for K months. The results showed that there is reversal effect short term momentum medium long term. Only when holding period one month, no obvious pattern can be observed. interested combination losers ...

In 1980s, many empirical researches’ findings (i.e., Shiller(1984), Thaler (1985) et al. ) did not support efficient market hypothesis (EMH). Previous studies (e.g., Bernartzi and Thaler, 1995) related to behavioral model suggest that certain market anomalies are consistent with the presence of irrational trades by investors. Kahneman and Tversky (1979) proposed the prospect theory as an altern...

This paper develops a new laboratory test of the hypothesis that individual investors have an irrational preference for selling winning stocks vis-à-vis selling losing stocks. In the experiment, subjects invest in a security that bundles a risky asset, whose price evolves in near-continuous time, with a perpetual put option. Optimal behavior is characterized by an upper and a lower selling thre...

This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to young households. Aggregate effects arise because there are asymmetries in the reaction of winners and losers to changes in wealth. We focus on two sources...

By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners outperform those of the losers following the risk taking, which implies that risk altering can be rega...

Ethical arguments related to childhood obesity policies raised during the 2010 Robert Wood Johnson Foundation (RWJF) symposium (1-7) sharpen our awareness of complex and fundamental questions about the functions of society and how policies are defined and implemented to benefit different entities. As solutions unfold, winners and losers will emerge, just as winners and losers emerge when societ...

Human activities are not random in their negative and positive impacts on biotas. Emerging evidence shows that most species are declining as a result of human activities ('losers') and are being replaced by a much smaller number of expanding species that thrive in human-altered environments ('winners'). The result will be a more homogenized biosphere with lower diversity at regional and global ...