Patterns of behavior of professionally managed and independent investors

  title={Patterns of behavior of professionally managed and independent investors},
  author={Zur Shapira and Itzhak Venezia},
In this paper, we analyze the investment patterns of a large number of clients of a major Israeli brokerage house during 1994. We compare the behavior of clients making independent investment decisions to that of investors whose accounts were managed by brokerage professionals. Our main objective is to investigate whether the disposition e€ect (i.e., the tendency to sell winners quicker than losers), demonstrated in the US only for individual investors, also holds for professional investors… CONTINUE READING
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