투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf ·...
Transcript of 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf ·...
![Page 1: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/1.jpg)
투자자들의 인지적 편의에 관한 소고
최 운 열* 정 성 훈**
< >
(behavioral finance) .
. 2. , (Cognitive)
, , (behavioral biases)
.1999 3 2003 2 (
) 1400 . Odean(1998) PGR, PLR .
, . ,
. , .
, .
: , , ,
1)
* **
![Page 2: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/2.jpg)
2004 9 1
. ,
(anomaly) ,
(behavioral biases) .
.
. Svenson(1981)
.
, Kahneman and Tversky(1979)
(prospect theory)1) .
(loss aversion) (mental accounting)
.
,
S .
. ,
, .
1) ,
, (Tversky,
Sattath and Slovic, 1988). (Payne, Bettman and Johnson, 1992).
, 0 (convex)(concave) .
. , (reference) (perceptual framing) .
. , . (overweighting) . ,
. (coding), (combination), (cancellation).
![Page 3: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/3.jpg)
< 1-1>
이익
가치(효용)
손실
Kahneman and Tversky(1979)
. , . ,
. ,
,
.
(behavioral finance)
.
(Cognitive) (Bias)2)
, Shefrin, and Stateman(1985)
,
Odean(1998)
2) . , ,
. .(Tversky, Bell and Raiffa, 1982).
![Page 4: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/4.jpg)
2004 9 1
2
.
.
Olsen(1998) (Behavioral Finance)
. ,
.
.
Lakonishok and Smidt(1986)
. 1968 1982 NYSE
, 10%, 20% 30%
.
.
(mean reversion)
. ,
![Page 5: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/5.jpg)
. ,
. ,
,
,
. ,
,
,
.
Harris(1988) (
)
.
.
.
Odean(1998) 10,000
,
(disposition effect) . ,
,
,
. 3)
.
12 .
3) . 12 (-) ,
. , 12 , .
![Page 6: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/6.jpg)
2004 9 1
.
.
Weber and Camerer(1998)
. 6 , ,
. 1000DM , .
0.1% . ,
. ,
.
. Lichtenstein and
Slovic(1971) .
.
.
. , Tversky (1988)
.
,
. ,
( )
. Nowlis and Simonson(1997)
(rating) .
(choice)
(purchase likelihood rating) , (comparable)
(enriched) .
,
![Page 7: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/7.jpg)
.
.
, Bazerman (1992) Ritov and Kahneman(1997)
.
. ,
, ,
. , , ,
,
. Odean(1999) ‘
?’ .
, . ,
(-) ,
(+) .
,
. ,
. ,
. Odean(1998)
, , .
,
.
. Raviv(1993) and Varian(1989)
. Greenwald
(1980) . , Talor and Brown
(1988)
.
![Page 8: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/8.jpg)
2004 9 1
,
.
, ,
. , ,
,
. , , ,
. ,
,
.
Barber and Odean(2000)
.
. 1991 1997
, 35,000
. ,
45% ,
. , (-)
.
Gervais and Odean(2001)
.
,
.
,
. ,
,
. , , ,
.
![Page 9: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/9.jpg)
, , ,
. .
,
.
.
. PGR4) PLR5) , PGR - PLR
.
, . ,
,
.
.
. ,
.
.
(bootstrapping)
. . (boot-
strapping) .
PLR-PGR (Random)
300 1000 , 0.05(5%) .
4) PGR (Proportion of Gains Realized) .5) PLR (Proportion of Losses Realized) .
![Page 10: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/10.jpg)
2004 9 1
pShapiro-Wilk W 0.998266 Pr < W 0.4125Kolmogorov-Smirnov D 0.015087 Pr > D >0.1500Cramer-von Mises W-Sq 0.02846 Pr > W-Sq >0.2500Anderson-Darling A-Sq 0.245747 Pr > A-Sq >0.2500
Shapiro-Wilk 1 . , 0.998266
.
pShapiro-Wilk W 0.999014 Pr < W 0.8804Kolmogorov-Smirnov D 0.015097 Pr > D >0.1500Cramer-von Mises W-Sq 0.027796 Pr > W-Sq >0.2500Anderson-Darling A-Sq 0.202262 Pr > A-Sq >0.2500
Shapiro-Wilk 1 . , 0.999014
6) .
-0. 046 -0 . 0435 -0 . 041 -0 . 0385 -0 . 036 -0 .0 335 -0 .0 31 -0 .02 05 -0 .02 6 -0 .023 5 -0 .021 -0 . 0185 -0 . 016 -0 . 0135 -0 . 011 -0 . 0085
(m)
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0
Percent
![Page 11: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/11.jpg)
.
.
. 1999 3 2003 2
( ) 1400
“1”
. 1, 2, 3, 4, 5, 6, 7 200 1400
.
. , , 3
, . 189,156
.
. 1999 3 2003 2 .
200,000 , , , ,
. 1999 3 2002 2
, , . ,
. , 1999 3
7
6
5
4
3
2
1
0
Percent
- 0 . 0 0 2 9 1 - 0 . 0 0 2 8 3 - 0 . 0 0 2 7 5 - 0 0 2 6 7 - 0 . 0 0 2 5 9 - 0 . 0 0 2 5 1 - 0 . 0 0 2 4 3 - 0 . 0 0 2 3 5 - 0 . 0 0 2 2 7 - 0 . 0 0 2 1 9 - 0 . 0 0 2 1 1 - 0 . 0 0 2 0 3
(m)
![Page 12: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/12.jpg)
2004 9 1
.
189,156
139,020 .
.
.
.
.
1 .
.
, 1 1 .
1 7), 12
1 PGR PLR
.
, ,
. 5 (A, B, C, D, E)
. A,B , C,D,E .
3 (F,G,H) , F,G , H
. A C .
F . A,F C
. B G , D,E,G
. 2
3
. PGR=1/2 PLR=1/4 .
7) 2000 2003 1 , 2001 20021 .
![Page 13: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/13.jpg)
1 2positionsA,B,C,D,E F,G,H
A,B F,GC,D,E H
A,CF
1(B) 1(G)2(D,E) 1(H)1(A) 1(F)1(C) 0
PGR PLR
.
.
1 12
1 .
. ,
(prospect theory)
, (PGR)
(PLR) . .
Odean(1998) .
![Page 14: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/14.jpg)
2004 9 1
(3-1)
(3-2)
PGR (Proportion of Gains Realized)
PLR (Proportion of Losses Realized)
RG (Realized Gains) PG (Paper gains)
RL (Realized Losses) PL (Paper Losses)
(3-3)
(3-4)
APGR (Amount Proportion of Gains Realized)
APLR (Amount Proportion of Losses Realized)
ARG (Amount of Realized Gains)
APG (Amount of Paper Gains)
ARL (Amount of Realized Losses)
APL (Amount of Paper Losses)
2 t- .
. t - .
t
PLR PGR
![Page 15: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/15.jpg)
, , ,
.
. ,
, , .
.
.
. ,
.
,
,
.
. (T = 88,256)
KOSPI200
(T = 88,256) KOSPI200
. ,
, .
. 1999 3 2000 2
( ) 1400
![Page 16: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/16.jpg)
2004 9 1
.
1999 3 1 2000 2 28 8) 1 (256 ) ,
KOPSI200 .
1
9).
.
( ) (T = 88, 256) ( )
, ( N ) ( ) .
.
( ) , ( ) .
( ) T .
(3-5)
= 1 T P .
= T J .
= T KOSPI200 .
( )
,
,
, .
8) 2001 3 , .
9) , , (2003) , 6 , .
![Page 17: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/17.jpg)
.
.
(1 )
, Odean .
< 4-1> 4 PGR PLR ,
2 ~ 12 1 .
. 1
t -1.65 .
p 0.01 , t -1.65 -3.216
1 . 2
t -1.65 . 1 , 2 ~ 12
p 0.01 , t 1.83, 2.87
. 1 2 ~ 12 PLR-PGR
. PLR/PGR 1 2 ~ 12
. 2 .
![Page 18: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/18.jpg)
2004 9 1
1 2 ~ 12PLR 0.159 0.105 0.154PGR 0.177 0.146 0.180
PLR-PGR -0.018 -0.041 -0.026PLR/PGR 1.175 1.388 1.162t-statistic -3.216 -1.83 -2.87
< 4-1> PGR PLR . 1999 3 ~ 2003 2
. 189,156
139,020 .
, 527 (527 ) .
15,504 , 21,064 ,
34,463 , 45,235 .
< 4-2> 4 PGR PLR
. PGR PLR
.
.
p 0.01 , t 1.65 15.76
.
PLR 0.165PGR 0.175PLR-PGR 0.010PLR/PGR 1.060t-statistic 15.76
10) (1999. 3 ~ 2003. 2 ) , , , , 69% .
83% .
![Page 19: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/19.jpg)
< 4-2> PGR PLR . 1999 3 ~
2003 2 . 189,156
139,020 .
< 4-3> 4 PGR PLR
. 30% 70%11)
PGR/PLR . , 30%
70% .
p 0.01 , t 1.65 2.96, 3.58
.
70% 30%PLR 0.155 0.211PGPGR 0.174 0.252PLR-PGR 0.019 0.041PGR/PLR 1.1226 1.194t-statistic 2.96 3.58
< 4-3> PGR PLR . 1999
3 ~ 2003 2 . 189,156
139,020 .
30% , 174
(174 ) . , 70%
, 406 (406 ) .
< 4-4> 4 PGR PLR
. PLR/PGR
11) 30%30% .
![Page 20: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/20.jpg)
2004 9 1
.
. p 0.01
, t 1.65 4.33 .
PLR 0.200PGPGR 0.275PLR-PGR 0.075PLR/PGR 1.379t-statistic 4.33
< 4-4> PGR PLR . 1999
3 ~ 2003 2 . 189,156
50,180 .
,
. < 3>
P 0.001 3 . < 1>
. ,
. ,
. Odean(1998)
,
( ) .
N( ) 88 25619,914 -6.8% -11.7%13,619 -6.5% -11.0%
-0.3% -0.7%P 0.001 0.001
![Page 21: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/21.jpg)
시장평균조정수익률매수-매도
-0.01
-0.008
-0.006
-0.004
-0.002
0
0.002
0.004
1 31 61 91 121 151 181 211 241 기간(일)
수익률
< 4-1> 1 (1999.3 ~ 2000.2) , . 1
1 .
,
. ,
( )
,
.
2 . ,
,
. ,
, 1 . ,
![Page 22: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/22.jpg)
2004 9 1
.
Baber and Odean(2000)
. ,
, ,
. Lenny(1977)
.
. .
,
,
.
. ,
, , , , ,
, . ,
(mean reversion)
. ,
,
. ,
( )
,
.
![Page 23: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/23.jpg)
1. , , “
,” 32(6), 2003.
2. Barber, Brad M. and Terrance Odean, “Trading is Hazardous to Your Wealth: The
Common Stock Investment Performance of Individual Investors,” Journal of Finance
LV(2), 2000, 773-806.
3. Bazerman, M. H., Loewenstein, G. F. and S. B. White, “Reversals of Preference in
Allocation Decision: Judging an Alternative versus Choosing among Alternatives,”
Administrative Science Quarterly 37, 1992, 220-240.
4. Gervais, Simon and Terrance, Odean, “Leaning to be overconfident,” Review of
Financial studies 53, 2001, 1-27.
5. Greenwald, Anthony G., “The Totalitarian Ego Fabrication and Revision of Personal
History,” American Psychologist 35(7), 1980, 603-618.
6. Harris, Lawrence, “Discussion of predicting contemporary volume with historic volume
at differential price levels: Evidence supporting the disposition effect,” Journal of
Finance 43, 1988, 473-506.
7. Kahnenman, Daniel and Amos Tversky, “Prospect Theory: An Analysis of Decision
Under Risk,” Econometrica 47(2), 1979, 263-291.
8. Lakonishok, Josef and Seymour Smidt, “Volume for winners and losers: Taxation and
other motives for stock trading,” Journal of Finance 41, 1986, 951-974.
9. Lenney, Ellen, “Women’s Self-Confidence in Achievement Setting,” Psychological
Bulletin 84(1), 1977, 1-13.
10. Lichtenstein, S. and Paul Slovic, “Reversal of Preference Between Bids and Choices in
Gambling Decisions,” Journal of Experimental Psychology 89, 1971, 46-55.
11. Nowlis, Stephen M. and Itamar Simonson, “Attribute-Task Compatibility as a Determinant
of Consumer Preference Reversals,” Journal of Marketing Research 1997, 205-218.
12. Odean, Terrance, “Are Investors Reluctant to Realize Their Losses?,” Journal of
![Page 24: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/24.jpg)
2004 9 1
Finance 3(5), 1998, 1775-1798.
13. Odean, Terrance, “Do Investors Trade Too Much?,” American Economic Review 89(5),
1999, 1279-1298.
14. Payne, J. W., J. R. Bettman and E. J. Johnson, “Behavioral Decision Research: A Con-
structive Processing Perspective,” Annual Review of Psychology 43, 1992, 87-131.
15. Ritov, I. and D. Kahneman, “How people value the environment?,” In: Bazerman, M.
H., Messick, D. M., Tenbunsel A. E., Wade-Benzoni K. A. (Eds), Environment, Ethics,
and Behavior, New Lexington Press, San Francisco, CA., 1997.
16. Shefrin, Hersh and Meir Stateman, “The disposition sell winners too early and ride
losers too long: Theory and evidence,” Journal of Finance 40, 1985, 777-790.
17. Svenson, Ola,” Are We ALL Less Risky and More Skillful Than Our Fellow Drivers,”
Acta Psychologica 47, 1981, 143-148.
18. Talor, Shelley, and Jonathon D. Brown. “Illusion and Well-Being,” Psychological
Bulletin 103(2), 1988, 193-210.
19. Tversky, A., H. Raiffa and D. Bell, “Decision Making; Descriptive, normative and
prescriptive interactions,” Cambridge Univ, Press, 1982.
20. Tversky, A., S. Sattath and P. Slovic, “Contingent Weighting in Judgment and Choice,”
Psychological Review 95, 1988, 371-384.
21. Varian, Hal R., “Differences of Opinion in Financial Markets,” MA: Kluwer Academic
Publishers, 1989, 3-37.
![Page 25: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/25.jpg)
매수시장조정수익률
-0.08
-0.07
-0.06
-0.05
-0.04
-0.03
-0.02
-0.01
0
1 11 21 31 41 51 61 71 81
기간(일수)
수익률
매수시장조정수익률
-0.14
-0.12
-0.10
-0.08
-0.06
-0.04
-0.02
0.00
1 31 61 91 121 151 181 211 241
기간(일수)
수익률
![Page 26: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/26.jpg)
2004 9 1
매도시장조정수익률
-0.07
-0.06
-0.05
-0.04
-0.03
-0.02
-0.01
0
1 11 21 31 41 51 61 71 81
기간(일수)
수익률
매도시장조정수익률
-0.14
-0.12
-0.1
-0.08
-0.06
-0.04
-0.02
0
1 31 61 91 121 151 181 211 241
기간(일수)
수익률
![Page 27: 투자자들의 인지적 편의에 관한 소고kmfa.or.kr/paper/journal/2004/9-1-3.pdf · 투자자들의 인지적 편의에 관한 소고 최 운 열* 정 성 훈** (behavioral](https://reader035.fdocuments.net/reader035/viewer/2022071003/5fbfd33e43049e6395634737/html5/thumbnails/27.jpg)
< Abstract >
Woon Youl Choi·Seong Hoon Jeong
The basic objective of this paper is to clarify the possibility of Cognitive biases of the individual investors stock trading and putting themselves into a behavioral biases through the stock trading as well. Regarding the above objective, we also attempt to examine the possibility of getting the disposition effect and overconfidence as a part of the behavioral finance through the individual investors stock trading in the korea stock market . In order to make clear that it is possible in the korea stock market for the individual investors to have the disposition effect and overconfidence, The major mechanism is based on the prospect theory.
The analysis materials of this paper are extensively collected by the securities company. The cyber accounts of 1400 clients among the accounts traded in from the march of 1999 to February of 2003 (the accounts more than one a year at least) was selected random sampling. As a result, this study verified that the invested assets were decreased by the Cognitive biases of the individual investors.