Journal article

The Extent to Which Professional Advice Can Reduce the Disposition Effect: An Emerging Market Study

Research Areas

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Publication Details

Author list: Bashall J, Willows GD, West D

Publisher: SAGE Publications (UK and US)

Publication year: 2018

Journal: Journal of Emerging Market Finance

Volume number: 17

Issue number: 2

Start page: 229

End page: 249

Total number of pages: 21

ISSN: 0972-6527

eISSN: 0973-0710



This study tests for the disposition effect in South Africa across two
classes of non-professional investors: those acting in their own capacity
and those acting with the assistance of professional investment advisors.
The trade history of 4,840 investor accounts from a South African
stockbroker was analysed over the 5-year period from October 2008
to October 2013. The results showed that individual investors in South
Africa exhibit the disposition effect. However, investors acting with the
assistance of professional advisors show the effect to a lesser extent
which was found to be rationally justifiable on the grounds of portfolio


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Disposition effect, Emerging economy, Professional advice

Last updated on 2019-18-04 at 10:39