It refers to a typical recognition errancy , the " assurance attitude " to invest benefit and " dislike attitude " to invest loss . in the invest behavior , it is embodied as the willingness to sell out stocks with profit and unwillingness to sell out stocks with loss , etc . the reason for the irrational behavior of investor is the impact of psychological factors , which is difficult to explain in conventional financial theory 处置效应是行为金融学的一个重要组成部分，指一种比较典型的投资者认知偏差，表现为投资者对投资赢利的“确定性心理”和对亏损的“损失厌恶心理” ，在行为上主要表现为急于卖出赢利的股票，轻易不愿卖出亏损股票的现象等。
