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. Author manuscript; available in PMC: 2015 Mar 12.
Published in final edited form as: J Finance. 2014 Mar 17;69(2):907–946. doi: 10.1111/jofi.12126

Figure 4. Measures of the disposition effect (PGR-PLR) for each subject.

Figure 4

Standard error bars are computed as in Odean (1998) and the dotted line indicates the optimal level of the disposition effect that an expected value trader would exhibit, namely −0.76. All subjects exhibit a disposition effect greater than the optimal level and a majority of subjects have a disposition effect that is significantly positive. The figure indicates that there is significant heterogeneity in the size of the disposition effect across subjects (SD: 0.32).