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Buying Winners While Holding on to Losers: An Experimental Study of Investors’ Behavior

This paper presents the results of an experimental study aimed to understand how the past stock performance affects investor’s desire to buy or sell the stock. It shows that people prefer to buy stocks that performed well in the past. However, when investors must sell one of the stocks they already own, their desire to have their funds invested into the past winner significantly diminishes, which may be due to their reluctance to realize their losses.