Abstract: The disposition effect is a typical phenomenon in the stock investment. It refers to the tendency to sell assets that have gained value(winners)and to keep assets that have lost value(losers). Since concept of disposition effect was posed, researchers have explored the psychological mechanisms. They have found that the prospect theory, cognitive dissonance theory, overconfidence theory and regret theory can explain the causes of disposition effect. The prospect theory indicates investors are risk-aversion in the domain of gains and risk-seeking in the domain of losses. So they sell winners and hold losers. At the other hand, some researchers take cognitive dissonance theory to explain the disposition effect. Regret theory reveal the disposition effect is the result of pursuing pride and regret-aversion. At last, overconfidence theory illustrates the cause of disposition effect by bias that people always overestimate accuracy of prediction of the price of stock. Finally, this paper identifies the problems and suggests the direction of development on disposition effect in the future.

Key words: disposition effect, psychological mechanisms, moderators

摘要： 处置效应是股票投资决策中的典型现象。它是指当投资者面对盈利时急于卖出股票,而当他们面对亏损时长时间持有股票的现象。自发现处置效应以来,研究者就不断探索其心理机制及其调节变量。目前,大量研究者从前景理论、认知失调理论、过度自信理论以及后悔理论等方面探索处置效应的心理机制。文章最后指出了当前在处置效应的研究中仍然存在的问题,并对未来的研究趋势进行了展望。

关键词: 处置效应, 心理机制, 调节变量