financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-4-6-17finance-2830Research ArticleПОВЕДЕНЧЕСКАЯ ЭКОНОМИКАBEHAVIORAL ECONOMICSОправдывает ли эффект диспозиции иррациональность опционных трейдеров?Does the Disposition Effect Justify the Options Traders’ Irrationality?https://orcid.org/0000-0002-2124-9759ЧубиВ.ChoubeyV.

Вардан Чуби, PhD, ассистент профессора

Нашик; Пуна

Vardhan Choubey, PhD, Assist. Prof.

Nashik; Pune

Vardhan.choubey@siom.inhttps://orcid.org/0000-0002-7198-4786ДжошиП. В.JoshiP. V.

Прасад Васант Джоши, PhD, ассистент профессора

Нашик; Пуна

Prasad Vasant Joshi, PhD, Assist. Prof.

Nashik; Pune

joshi.prasad@siom.inИнститут управления операциями «Симбиоз»; Международный университет «Симбиоз»ИндияSymbiosis Institute of Operations Management; Symbiosis International (Deemed) UniversityIndia202403052024284617Copyright © Чуби В., Джоши П.В., 20242024Чуби В., Джоши П.В.Choubey V., Joshi P.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2830

   Ожидается, что решения инвесторов будут рациональными, однако в принятии решений наблюдается элемент иррациональности. Эффект диспозиции — это поведенческий нюанс инвестора, который объясняет его иррациональное принятие решений. Он заключается в тенденции слишком долго держать проигрышные позиции и неоправданно рано продавать выигрышные позиции. Изучаются эффект диспозиции в торговле опционами. Опционы — это производные от базовых активов, которые дают владельцу право реализовать их в определенную дату и по фиксированной цене. В данной исследовательской работе изучаются такие элементы эффекта диспозиции, как: стадность (С), ментальный учет (MA), неприятие риска (НР), катализатор торговли (КТ) и разумный подход к расходованию (ПР). Данные получены от 250 респондентов, торгующих опционами на Национальной фондовой бирже Индии. Для анализа собранных данных применен метод моделирования структурированных уравнений (SEM). Результаты показали, что эффект диспозиции существует в принятии решений трейдерами опционов. Катализатор торговли, состоящий из временного распада и открытого интереса, а также стадность оказались значимыми элементами эффекта диспозиции при торговле опционами. Ментальный учет, неприятие риска и разумный подход к расходованию оказались менее значимыми элементами, влияющими на эффект диспозиции в торговле опционами.

   The options trader’s decisions are expected to be rational decisions but an element of irrationality is observed in decision making. The Disposition effect is the behavioral aspect of an investor which explains his irrational decision-making. The disposition effect is the tendency to keep losing positions too long and selling winning positions too early. The present research work studies the disposition effect in options trading. Options are derivatives of underlying assets which give the holder the right to exercise them at a given date and price. In this research work, elements of disposition effect namely,Herding (HE), Mental accounting (MA), Risk Aversion (RA) are studied along with Trade enablers (TE) and Cost consciousness (CC). The data was collected from 250 respondents’ trading options on the National Stock Exchange, India. The collected data was analyzed using Structured Equation Modeling (SEM). The results reflected that the disposition effect existed in decision-making by options traders. Trade Enabler consisting of Time decay and Open Interest, and Herding emerged as significant elements of disposition effect for options trading. Mental accounting, risk aversion, and cost-consciousness emerged as less significant elements affecting the disposition effect in options trading.

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The authors declare that there are no conflicts of interest present.