Using detailed mutual fund holdings in the US market, we estimate active mutual fund managers’ loss aversion as a … function of both funds’ past performance and asset allocations. We document a substantial variation in loss aversion over time …. We further find managers' loss aversion is higher when past fund flows were high and lower when past fund flows were …

Anlageempfehlungen typischer Weise basiert auf der generellen Risikoaversion und dem Anlagehorizont der Investoren machen, wird ihre … investors' general degrees of risk aversion and investment horizons only, their heterogeneity with respect to loss aversions or …