The disposition effect is lower in a trading environment with salient information on current holdings. Using proprietary data from a European fintech platform for social trading, we analyze variation in trading behavior within and between private and publicly visible portfolios. The disposition effect diminishes by about 35% when trades and holdings become public. We find the level of transparency and the way financial information is illustrated can influence trading decisions. Our results suggests that requiring greater transparency from portfolio managers can reduce trading bias.

中文翻译：

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投资透明度与处置效应

在当前持股信息突出的交易环境中，处置效应较低。使用来自欧洲金融科技平台的专有数据进行社交交易，我们分析了私人和公开可见的投资组合内部和之间的交易行为变化。当交易和持股公开时，处置效应会减少约 35%。我们发现透明度水平和说明财务信息的方式会影响交易决策。我们的结果表明，要求投资组合经理提高透明度可以减少交易偏见。