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本期主题
Reinforced Disposition Effect
时 间：2025年10月23日（Thur.）
10:00 - 11:30 a.m.
地 点：毓秀楼204
主 讲：Pengfei Sui（CUHKSZ）
论文摘要
Investment episodes do not simply vanish when a position is fully liquidated. Instead, we demonstrate that past episodes remain embedded in memory, significantly shaping future disposition decisions. Previously liquidated positions with realized gains, once repurchased, exhibit a disposition effect that is 111% stronger than those with realized losses. Both reinforcement learning and a recall-based cognitive dissonance mechanism explain these findings. Moreover, stocks from past successful episodes are 98.9% more likely to be repurchased than failed ones, resulting in a substantially amplified overall disposition effect driven by past trading experiences. Our findings shed light on the cognitive basis for why debiasing in trading is limited.
主讲简介
Dr. Sui Pengfei is currently an Associate Professor of Finance at the Chinese University of Hong Kong (Shenzhen) and a Distinguished Professor at the Shenzhen Institute of Data Economy. He obtained his Ph.D. in Social Sciences (Economics) from the California Institute of Technology in 2018. His research interests include behavioral finance, asset pricing, Chinese capital markets, and AI in finance. His work has been published in leading finance journals, including three articles in the Journal of Financial Economics and another in the Review of Finance. He has received several best paper awards at notable conferences, such as the China Financial Research Conference and the International Young Finance Scholars’ Conference. Furthermore, his research has been presented at prestigious international conferences, including the NBER Summer Institute, AFA, CICF, and CFRC.
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