Fully Closed: Individual Responses to Realized Gains and Losses
NBER WORKING PAPER SERIES FULLY CLOSED: INDIVIDUAL RESPONSES TO REALIZED GAINS AND LOSSES Steffen Meyer Michaela Pagel Working Paper 25542 http://www.nber.org/papers/w25542 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2019 We thank Paul Tetlock, Jonathan Parker, Miguel Anton, Alessandro Previtero, Benjamin Loos, Stefan Ruenzli, Martin Weber, Justine Hastings, Stijn Van Nieuwerburgh, Florian Peters, Marina Gertsberg, Kent Daniel, Gur Huberman, Francesco D'Acunto, and Johannes Wohlfart for valuable comments as well as seminar and conference participants at UCLA Anderson, University of Chicago Booth, Berkeley Haas, Harvard economics, Columbia, IESE, ECBE in Bergen Norway, University of Mannheim, NBER Household Finance Summer Institute, SITE Workshop Psychology and Economics, SFS Cavalcade, Boulder Summer Conference on Consumer Financial Decision Making, AFA, University of Ulm, Tsinghua Business School, CKGSB, and Frankfurt School of Finance. This research would not have been possible without the collaboration of a German bank. We gratefully acknowledge provision of data from this bank. We thank this bank and all its employees who helped us. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2019 by Steffen Meyer and Michaela Pagel. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
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