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] School of Business, East China University of Science and Technology, Shanghai, China

年份：2026

外文期刊名：arXiv

收录：EI(收录号：20260255054)

语种：英文

外文关键词：Financial markets - Investments - Profitability - Sales

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, when the held stock is profitable, investors’ confidence in holding it increases, leading to a reduced bias toward selling profitable stocks. When the stock is held at a loss, investors’ confidence in holding it weakens, but they often perceive the loss as temporary and maintain confidence in the company’s long-term prospects, thus exacerbating the bias toward holding losing stocks. The effect of increased transparency on the selling behavior of profitable stocks is greater than its effect on the selling behavior of losing stocks. Overall, an increase in corporate transparency significantly reduces the disposition effect. ? 2026, CC BY.