{"id":30843,"date":"2023-12-07T09:57:05","date_gmt":"2023-12-07T09:57:05","guid":{"rendered":"https:\/\/masterskills.org\/blog\/hieu-ung-nguoc-vi-the-disposition-effect-la-gi.html"},"modified":"2023-12-23T07:23:24","modified_gmt":"2023-12-23T00:23:24","slug":"hieu-ung-nguoc-vi-the-disposition-effect-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/hieu-ung-nguoc-vi-the-disposition-effect-la-gi.html","title":{"rendered":"Hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf (Disposition Effect) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/p>\n<\/div>\n<\/div>\n

Hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf (Disposition Effect)<\/font><\/h2>\n

\u0110\u1ecbnh ngh\u0129a<\/b><\/p>\n

Hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf<\/b> trong ti\u1ebfng Anh l\u00e0 Disposition Effect<\/b>.\u00a0Hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf<\/i> \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u1eed l\u00ed c\u00e1c kho\u1ea3n l\u00e3i v\u00e0 l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n tr\u00ean c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh.<\/p>\n

C\u1ee5 th\u1ec3, nghi\u00ean c\u1ee9u cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 xu h\u01b0\u1edbng nh\u1eadn ra l\u1ee3i nhu\u1eadn nhanh h\u01a1n thua l\u1ed7. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 xu h\u01b0\u1edbng gi\u1eef ch\u1eb7t nh\u1eefng k\u1ebb thua cu\u1ed9c (c\u1ed5 phi\u1ebfu thua l\u1ed7) nh\u01b0ng l\u1ea1i b\u00e1n \u0111i k\u1ebb th\u1eafng cu\u1ed9c (c\u1ed5 phi\u1ebfu l\u1eddi).<\/p>\n

Hi\u1ec3u theo c\u00e1ch \u0111\u01a1n gi\u1ea3n, hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf<\/i> l\u00e0 xu h\u01b0\u1edbng b\u00e1n c\u1ed5 phi\u1ebfu l\u1eddi v\u00e0 n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu thua l\u1ed7.<\/p>\n

T\u1ea1i sao g\u1ecdi l\u00e0 hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf<\/span>?<\/font><\/h3>\n

– C\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u \u0111\u00e3 nh\u1eadn ra xu h\u01b0\u1edbng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 th\u00e0nh qu\u1ea3 t\u1ed1t qu\u00e1 s\u1edbm trong khi n\u1eafm gi\u1eef c\u00e1c ch\u1ee9ng kho\u00e1n thua l\u1ed7 qu\u00e1 l\u00e2u. H\u00e0nh vi n\u00e0y ch\u1eafc h\u1eb3n b\u1ea1n \u0111\u00e3 th\u1ea5y trong cu\u1ed9c s\u1ed1ng th\u1ef1c t\u1ea1i.<\/p>\n

– C\u00f3 bao gi\u1edd b\u1ea1n nghe ai \u0111\u00f3 b\u00e0y t\u1ecf c\u1ea3m nh\u1eadn c\u1ee7a h\u1ecd nh\u01b0 l\u00e0 “Ch\u1ee9ng kho\u00e1n n\u00e0y \u0111\u00e3 th\u1eadt s\u1ef1 ng\u1eebng t\u0103ng gi\u00e1 v\u00ec v\u1eady t\u1ed1t h\u01a1n t\u00f4i n\u00ean b\u00e1n n\u00f3 \u0111i v\u00e0 th\u1ef1c hi\u1ec7n l\u1ee3i nhu\u1eadn”? Hay b\u1ea1n c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng ch\u00ednh m\u00ecnh \u0111ang ngh\u0129 r\u1eb1ng “T\u00f4i \u0111\u00e3 m\u1ea5t qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u00e0o ch\u1ee9ng kho\u00e1n n\u00e0y, nh\u01b0ng t\u00f4i kh\u00f4ng th\u1ec3 b\u00e1n n\u00f3 b\u00e2y gi\u1edd v\u00ec n\u00f3 ph\u1ea3i t\u0103ng gi\u00e1 trong v\u00e0i ng\u00e0y t\u1edbi”?<\/p>\n

B\u1eb1ng ch\u1ee9ng th\u1ef1c nghi\u1ec7m<\/font><\/h3>\n

Ch\u00fang ta b\u1eaft \u0111\u1ea7u v\u1edbi nh\u1eefng b\u1eb1ng ch\u1ee9ng th\u1ef1c nghi\u1ec7m g\u1ea7n \u0111\u00e2y cho th\u1ea5y s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf<\/i>.<\/p>\n

V\u00ed d\u1ee5, Terrance Odean \u0111\u00e3 s\u1eed d\u1ee5ng b\u1ed9 d\u1eef li\u1ec7u bao g\u1ed3m c\u00e1c ghi ch\u00e9p giao d\u1ecbch c\u1ee7a 10.000 t\u00e0i kho\u1ea3n giao d\u1ecbch ch\u1ee9ng kho\u00e1n v\u1edbi g\u1ea7n 100.000 giao d\u1ecbch trong su\u1ed1t giai \u0111o\u1ea1n 1987-1993, nghi\u00ean c\u1ee9u t\u1ec9 m\u1ec9 xu h\u01b0\u1edbng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 th\u1ec3 b\u00e1n ra c\u00e1c ch\u1ee9ng kho\u00e1n l\u1eddi v\u00e0 n\u1eafm gi\u1eef c\u00e1c ch\u1ee9ng kho\u00e1n l\u1ed7, ch\u00fang ta c\u1ea7n m\u1ed9t \u0111i\u1ec3m tham chi\u1ebfu.<\/p>\n

Ph\u00f9 h\u1ee3p v\u1edbi l\u00ed thuy\u1ebft tri\u1ec3n v\u1ecdng, Odean \u0111\u00e3 s\u1eed d\u1ee5ng gi\u00e1 mua c\u1ee7a m\u1ed7i ch\u1ee9ng kho\u00e1n (hay gi\u00e1 mua trung b\u00ecnh trong tr\u01b0\u1eddng h\u1ee3p nhi\u1ec1u giao d\u1ecbch).<\/p>\n

M\u1ed9t v\u1ea5n \u0111\u1ec1 xu\u1ea5t hi\u1ec7n \u0111\u00f3 l\u00e0 trong th\u1ecb tr\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng t\u0103ng gi\u00e1 s\u1ebd c\u00f3 nhi\u1ec1u ch\u1ee9ng kho\u00e1n l\u1eddi, cho n\u00ean \u0111i\u1ec1u hi\u1ec3n nhi\u00ean l\u00e0 s\u1ebd c\u00f3 ch\u1ee9ng kho\u00e1n l\u1eddi \u0111\u01b0\u1ee3c b\u00e1n h\u01a1n c\u00e1c ch\u1ee9ng kho\u00e1n l\u1ed7.<\/p>\n

Odean \u0111\u00e3 x\u1eed l\u00ed v\u1ea5n \u0111\u1ec1 n\u00e0y b\u1eb1ng c\u00e1ch t\u1eadp trung v\u00e0o t\u1ea7n su\u1ea5t b\u00e1n ch\u1ee9ng kho\u00e1n l\u1eddi\/l\u1ed7 so v\u1edbi c\u00e1c c\u01a1 h\u1ed9i b\u00e1n c\u00e1c ch\u1ee9ng kho\u00e1n l\u1eddi\/l\u1ed7.<\/p>\n

C\u1ee5 th\u1ec3 l\u00e0, \u00f4ng \u0111\u00e3 t\u00ednh t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn th\u1ef1c hi\u1ec7n (PGR – proportion of gains realized) nh\u01b0 sau:<\/p>\n

PGR = L\u1ee3i nhu\u1eadn \u0111\u00e3 th\u1ef1c hi\u1ec7n \/ (L\u1ee3i nhu\u1eadn \u0111\u00e3 th\u1ef1c hi\u1ec7n + L\u1ee3i nhu\u1eadn ch\u01b0a th\u1ef1c hi\u1ec7n)<\/i><\/p>\n

V\u00ed d\u1ee5, khi ghi nh\u1eadn b\u00e1n m\u1ed9t ch\u1ee9ng kho\u00e1n l\u1eddi, b\u1ea1n so s\u00e1nh n\u00f3 v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c ch\u1ee9ng kho\u00e1n l\u1eddi c\u00f3 th\u1ec3 b\u00e1n. L\u1ee3i nhu\u1eadn ch\u01b0a th\u1ef1c hi\u1ec7n bao g\u1ed3m b\u1ea5t k\u00ec l\u1ee3i nhu\u1eadn n\u00e0o c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c.<\/p>\n

T\u01b0\u01a1ng t\u1ef1, t\u1ec9 l\u1ec7 l\u1ed7 th\u1ef1c hi\u1ec7n (PRL –\u00a0proportion of losses realized) \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p>\n

PLG = Kho\u1ea3n l\u1ed7 \u0111\u00e3 th\u1ef1c hi\u1ec7n\/(Kho\u1ea3n l\u1ed7 \u0111\u00e3 th\u1ef1c hi\u1ec7n + Kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n)<\/i><\/p>\n

\u0110\u1ec3 ph\u00e2n t\u00edch xu h\u01b0\u1edbng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n c\u00e1c ch\u1ee9ng kho\u00e1n l\u1eddi v\u00e0 n\u1eafm gi\u1eef c\u00e1c ch\u1ee9ng kho\u00e1n l\u1ed7, Odean \u0111\u00e3 ki\u1ec3m tra gi\u1ea3 thi\u1ebft PGL v\u01b0\u1ee3t qu\u00e1 PLR.<\/p>\n

B\u1ea3ng 10.1 bao g\u1ed3m t\u1ed5ng c\u00e1c t\u00e0i kho\u1ea3n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, r\u00f5 r\u00e0ng c\u00f3 m\u1ed9t xu h\u01b0\u1edbng b\u00e1n c\u00e1c ch\u1ee9ng kho\u00e1n l\u1eddi nhi\u1ec1u h\u01a1n c\u00e1c ch\u1ee9ng kho\u00e1n thua l\u1ed7 trong c\u1ea3 n\u0103m (PGR > PLR).<\/p>\n

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Ngu\u1ed3n: T\u00e0i ch\u00ednh h\u00e0nh vi, NXB Kinh t\u1ebf TP. H\u1ed3 Ch\u00ed Minh<\/p>\n<\/div>\n<\/div>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: T\u00e0i ch\u00ednh h\u00e0nh vi, NXB Kinh t\u1ebf TP. H\u1ed3 Ch\u00ed Minh; Breakingdown Finance)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Hi\u1ec7u \u1ee9ng ng\u01b0\u1ee3c v\u1ecb th\u1ebf (ti\u1ebfng Anh: Disposition Effect) \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1ch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u1eed l\u00ed c\u00e1c kho\u1ea3n l\u00e3i v\u00e0 l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n tr\u00ean c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30843"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=30843"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30843\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}