Abstract
This article uses a unique database that provides real data on the operations of all investors in the Brazilian stock market. More than 60 million purchase and sale operations were analyzed for more than 500 thousand investors. The results point out that individual investors are among the most favorable types of investors to the presence of the disposition effect and are among those with lower average returns in their transactions. Institutional investors, on the other hand, presented behavior that was not consistent with the disposition effect and higher average returns in their sale operations.
