Disposition bias among Borsa Istanbul investors: What do we know about type, size and trading frequency?

This paper investigates the disposition bias for different categories of investors based on type (legal persons, female and male), size (large, medium and small) and trading frequency (frequently, occasionally and infrequently trading). Analyzing an exhaustive dataset consisting of 283,913 investors from Borsa Istanbul, we find that all types of investors exhibit disposition bias while legal persons, large investors and frequently trading investors do less. Trading frequency, rather than size, is the most relevant investor feature associated with disposition bias. A detailed analysis with combined features is needed for understanding the role of various factors in this investor behavior.