In this table, disp is the dependent categorical variable, which equals 1 if the investor incurs in the disposition effect (that is if the proportion of gains realized is higher than the proportion of losses realized). Controls include the following: risk-taking (risk_taker), which equals 1 if investors are classified as moderate with volatility or aggressive and zero if they are classified as conservatives or moderate without volatility (according to the suitability questionnaire), portfolio size (ln_balance), age (ln_age), gender (which equals 1 if the investor is male and zero if she is female) and the number of monthly trades (ntrades_norm). We also control for diversified portfolios (assets_div), which is a categorical variable that equals 1 if the investor portfolio includes assets in at least three of the four asset classes for a certain month. Columns (6)–(9) depict the results considering each asset class separately: fixed income, multi-market funds, real estate and stocks, respectively. Standard-errors for all models are shown in parentheses.

p < 0.10;

p < 0.051;

p < 0.01