登录之后可查看解析

Myopic loss aversion combines the effects of time horizon and framing. First, investors tend to focus on the short run; thus, they are more likely to estimate risk using recent performance. Next, investors tend to segment (frame) different investments and look at their risk characteristics separately. Thus, they tend to view stocks and bonds, for instance, from a standalone perspective rather than combined in a portfolio. Rather than base buy/sell decisions on fundamentals (unbiased expectations), investors focus on current gains and losses. They might continue to hold a loser, for example, in hopes of at least breaking even rather than have to accept the loss. They also tend to sell winners to capture the gain and avoid the potential of loss (reduce perceived risk). Selling winners, without considering what the fundamentals indicate, tends to increase portfolio turnover at the same time that it limits the growth of the portfolio. To avoid loss aversion the investor should perform a thorough fundamental analysis in an attempt to base investment decisions on expectations rather than past performance.