This article finds strong evidence for the presence of the disposition effect among US mutual fund managers. The analysis can establish a link between the disposition effect and mutual fund characteristics as well as changes in the macroeconomic environment. Managers with a lower disposition...

This article presents the first detailed analysis of the intraday characteristics of idiosyncratic stock price crashes. The analysis focuses on the impact of large crashes in single stocks on their intraday returns and liquidity in the US market. Furthermore, optimal intradaily behaviour during...