Paper Title
The Relationship Between Prior Loss/Profitand Later Loss Aversion Measured Based On Disposition Effect

Abstract
This study aims to discover the relationship between prior loss/profit and later loss aversion measured by degree of disposition effect. Based on the index futures (TX) records from TAIFEX (Taiwan future exchange) in the year 2006, we choose 376 individual traders. We define the prior and later period by three type of cutting point. First, we use time 11:15 a.m. as cutting point to separate the data into morning and afternoon two periods. Second, we use the maximum realized losses (MRL) and the median maximum realized losses (M-MRL) as the cutting point to separate the prior and later period. We also categorize the data based on gender and age. Results show that male and young traders keep more unrealized losses than female and elder traders when facing increasing losses, which means male and young traders are relatively risk taking than female and elder traders when there is losses in prior period. Key words - Disposition effect, loss aversion, risk aversion