This paper investigates the link between payment methods used by investors in mutual funds and the tendency with which investors realize gains earlier than losses — the disposition effect. We utilize a proprietary dataset detailing investor trading accounts in Indonesian mutual funds, whom are permitted to buy and sell securities in exchange for cash or other assets. These two payment methods are economically equivalent in value and cost; however, differ in payment saliency. We find that more salient payment methods are associated with a higher disposition effect and vice versa, less salient payments are associated with a smaller tendency to realize gains more readily than losses.

本文研究了共同基金中投资者使用的支付方式与投资者早于收益实现收益的倾向之间的联系，即处置效应。我们利用专有的数据集，详细描述了印尼共同基金中的投资者交易帐户，该基金被允许买卖证券以换取现金或其他资产。这两种付款方式在价值和成本上在经济上是等效的；但是，付款显着性不同。我们发现，更多的显着支付方式与更高的处置效果相关，反之亦然，显着的支付方式与更容易实现收益而不是损失的趋势相关。