over forty years. The median investment IRR (PME) is 21% (1.3), gross offees. One in ten investments goes bankrupt, whereas …

’ adaptation to the loss situation and, subsequently, whether this adaptation affects future investment decisions. As investors … performance, together influence the decision to hold on to or to capitulate on an investment. We study the relative contribution … decision to capitulate an investment, however, only depends directly on the expectation about the stock’s future performance …

applied - imply different investment patterns. As it turns out, thereading intensity of advanced theoretical and empirical …