Investment behavior is influenced by various behavioral biases. Two among them are disposition effect and anchoring. Using market level data, we investigate the presence of disposition effect in Indian stock markets. Initially, it was found that high (low) trading volumes are not associated with winner (loser) stocks. Further based on the evidence provided by studies done on market level data, we consider abnormal trading volumes as the proxy for disposition effect. Investors’ tendency to update their reference points and the prominence of historical prices (anchors) as reference points allowed a study to test the association between abnormal trading volumes and historical prices. Except for familiar and highly liquid stocks (Nifty50 index stocks) this study found that abnormal trading volumes are associated with a significantly more percentage of winning days than that of losing days. This study is useful for investors and fund managers while taking trading decisions and also when forming the portfolios.

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异常交易量和历史价格之间的关联是否解释了处置效应？

投资行为受各种行为偏差的影响。其中两个是配置效应和锚定效应。使用市场层面的数据，我们调查了印度股市中处置效应的存在。最初，人们发现高（低）交易量与赢家（输家）股票无关。进一步根据市场层面数据研究提供的证据，我们将异常交易量视为处置效应的代理。投资者更新其参考点的倾向以及作为参考点的历史价格（锚点）的突出性使得一项研究能够测试异常交易量与历史价格之间的关联。除了熟悉和高流动性的股票（Nifty50 指数股票）外，该研究发现异常交易量与盈利天数的相关性显着高于亏损天数。这项研究对投资者和基金经理在做出交易决策和形成投资组合时很有用。