Оправдывает ли эффект диспозиции иррациональность опционных трейдеров?

   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.

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