This paper finds that the disposition effect, well-known in many financial markets, exists in the closed-end fund market, where fundamental values are known, yet the magnitude of the effect varies with the adoption of different reference points. Using the prospect theory explanation to this...

We study the effect on stock volatility and turnover of coverage by traditional news media and social media. We find that coverage by traditional news media predicts decreases in subsequent volatility and turnover, but coverage by social media predicts increases in volatility and turnover. These...

Recently, reinforcement has been identified as an important driver of stock repurchasing decisions. We enrich the existing reinforcement model of repurchasing by an aspiration-based market benchmark. Reinforcement relative to an adaptive benchmark is a well-established model of behavior in...