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The Influence of Investor Psychology On Regret Aversion

The field of modern financial economics assumes that people behave with extreme rationality, but they do not. Traditional finance theory is usually based on efficient market hypothesis (EMH), assuming that investors are rational and the prices of securities fully reflect available information while price changes should be random. In 1980s, many empirical researches’ findings (i.e., Shiller (1984), Thaler (1985) did not support EMH. However, most of studies were based on the overall market data. There is little research focusing on the empirical study of the effects of psychological factors. This study will examine investors’ decisions to realize gains and losses in a market setting. Specifically, the attention is focused on the stock market and seeks to determine the influence of investor psychology on the regret aversion. Four