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 sized and small) and trading frequency (frequently, occasionally or 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. •Investors sell an investment held for a loss more slowly than the one held for a gain.•Detailed subgroups among 283,913 investors based on type, size and trading frequency.•Even large, institutional and frequently trading investors exhibit disposition bias.•Trading frequency seems to be the most relevant issue for disposition effect.