Footnote:
In: Journal of Behavioral Finance, Forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 15, 2010 erstellt
Description:
This study examines a number of behavioral finance issues as they relate to real estate investments. We find a statistically significant degree of mental accounting at all points throughout the disposition effect curve when holding a real estate investment in isolation versus holding the asset as part of a mixed-asset portfolio. We also identify four distinct disposition curve shapes beyond the traditional “S-shaped” curve where investors are more willing to sell an asset that is in the gains domain. Further, we conclude that an investor's willingness to sell jumps by the greatest amount when going from zero return into profitable territory. Finally, this false reference point does take into consideration transaction costs