The second part "The analysis on resources-disposition effect of monopoly".

The Disposition Effect in Stock Investment Decisions and its Coping Strategies

股票投资决策中的处置效应及其应对策略

In this paper, we test the disposition effect, the tendency of investors to hold losing stocks too long and sell winning stocks too soon, by analyzing trading records of nearly 10000 accounts at a large brokerage house.

本文通过分析一个大型营业部的近1万个投资者帐户，研究了处置效应（dispositioneffect），即投资者太长时间地持有亏损股票而太短时间地卖掉赢利股票的倾向。

Among a vast array of anomalies in financial market, the disposition effect is striking and considerable.

在金融市场上存在的许多异象中，处置效应是最重要最引起人们注意的异象之一。

The result shows that Chinese investors are liable to sell winners and hold losers, in other words they have disposition effect.

结果表明我国投资者倾向于卖出当前盈利的股票而继续持有当前亏损的股票，即存在处置效应。

Investors' Disposition Effect on Open-End Fund: The Threshold Regression Analysis Based on China's Panel Data

开放式基金投资者的处置效应&基于中国面板数据的门限回归分析

The research on behavioral finance indicates that investors decision-making is not always completely rational and that disposition effect generally exists among both individual investors and professional investors.

行为金融研究发现，投资者的决策行为并非完全理性，倾向效应普遍存在于个人投资者和投资专业人士中。

As for the investing behavior of Chinese investors, empirical results show that anomalies of investing behavior such as excessive trading, disposition effect and herd behavior not only exist, but more seriously.

关于中国投资者投资行为的实证研究表明，过度交易、处置效应和羊群行为等投资行为异象在我国证券市场不仅存在，而且表现程度更加剧烈。

Disposition Effect is a typical Cognitive Dissonance, which means the tendency to sell winning investments too soon and hold losing investments too long.

处置效应是一种典型的投资者认知偏差，表现为“售盈持亏”的投资倾向。

This paper analyses main reason of asymmetric volatility in Chinese stock exchange from the aspect of investors 'non-rational act, and focuses on the analysis of investors' over confidence, herd effect and disposition effect.

论文从投资者非理性的角度出发分析了中国股票市场波动非对称性的主要原因，并重点分析了投资者的过度自信、羊群效应以及处置效应。

The Empirical Study on Disposition Effect in China ′ s Stock Market

中国股市处置效应的实证分析

The study also discovers that the disposition effect on institutional investors is less than that on individual investors. The effect of the prospective theory is not obvious.

本研究还发现：机构投资者的处置效应要弱于个人投资者，前景理论效应并不明显。

This paper studies the "disposition effect" by using generalized prospect model, which includes investor's psychology overconfidence.

建立了过度自信心理的展望价值模型，并以此模型为基础，研究了行为偏差现象处置效应的形成机理和原因。

Research on the Disposition Effect Based on the Falling Stock Market

基于股市下跌背景的处置效应研究

Furthermore, according to the analysis about individual stocks, this paper also indicates that there is not only overconfidence effect but also disposition effect in CSM, and the former effect is more significant than the latter one.

并且，关于个股的研究表明我国证券市场不仅存在过度自信效应，也存在处置效应，而且过度自信效应比处置效应更为显著。

We empirically studied several cognitive and behavioral biases of Chinese security investment fund managers, such as overconfidence, disposition effect and anchoring effect.

以行为金融学理论为基础，以21只非指数型封闭式基金为样本，对其经理是否存在几个主要的认知与行为偏差，即过度自信、处置效应及锚定效应进行了实证检验。

Even though one and the same style of investors, their trading tendency is diversely influenced by different type of recommendation in bull and bear market. Finally, as an important phenomenon in stock market, the disposition effect in Chinese stock market is also studied.

即使是同一类投资者，在不同的市场行情下或对于不同持有策略的推荐，其买卖倾向也会有一定的变化。最后，关于投资者的交易行为，本文还考察了处置效应。

Disposition effect is also found in the experiments, which is more evident in female investor than in male investor and more evident in the investor with low level investment knowledge and less experience than those with higher level.

实验也发现了这些投资者存在着明显的处置效应，即股价上涨时倾向于卖出；股价下跌时则倾向于继续持有，该效应在女性及专业投资知识与经验程度较低的投资者身上更加明显。

A theory of the "disposition effect" based on overconfidence, biased self-attribution and the "maximum prospect value" rules of choice is proposed.

研究结论表明：投资者的过度自信心理和展望价值最大化选择准则可以有效解释行为偏差现象“处置效应”的产生机理。

The usage of limit orders is responsible for investors' misunderstanding new information, disposition effect, and contrarian behavior.

限价订单的使用会使投资者表现出误解新信息、处置效应和逆势行为。

From unusual phenomenon of security market, such as Reversal Effect and Disposition Effect, decision of investor is irrational. And Set of individual investor irrational behavior cause unusual price fluctuation which increase the risk of the security market.

从证券市场的大量异常现象（如反转效应、处置效应等）来看，投资者的决策并不是理性的，个人投资者不理性行为的集合还导致股票价值的异常波动，增加了证券市场的风险。