文献类型：期刊文献

英文题名：Corporate transparency and the disposition effect

作者：Chen, Siliu[1];Ren, Fei[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2025

卷号：16

外文期刊名：FRONTIERS IN PSYCHOLOGY

收录：;WOS:【SSCI(收录号:WOS:001604050000001)】；

基金：The author(s) declare that financial support was received for the research and/or publication of this article. This work was supported by National Natural Science Foundation of China (71871094), Innovation Program of Shanghai Municipal Education Commission (2023SKZD09), and Natural Science Foundation of Sichuan Province (2024NSFSC1051).

语种：英文

外文关键词：corporate transparency; disposition effect; irrational behavior; individual investors; firm level

摘要：The disposition effect describes investors' irrational behavior of selling profitable assets too soon while holding onto losing assets for too long. This study examines the impact of transparency at the firm level on the disposition effect of individual investors who hold that company's stock. Our results show that an increase in corporate transparency significantly reduces the disposition effect. Further analysis reveals that for companies with greater transparency, individual investors tend to hold the company's stock for a longer period rather than trade frequently. This behavior reduces the probability of investors selling the company's stock. When the position in the stock is profitable, the probability of selling it decreases much more than when the stock is held at a loss, thus overall reducing the disposition effect.