Effetto disposizione

The search results confirm the Shefrin and Statman 1985 paper as the origin⁴⁸, ⁴⁹, ⁵⁰, ⁵¹, ⁵², ⁵³. Terrance Odean also has significant work on this⁴³, ⁴⁴, ⁴⁵, ⁴⁶, ⁴⁷. I need to pick 4 distinct, real, live, and readable links.

External Link 1 (Origin): The 1985 paper by Shefrin and Statman. I'll aim for a direct academic source or a highly reputable aggregation like SSRN or Journal of Finance. The JSTOR link⁴² looks good, but it might be paywalled. RePEc link⁴⁰, ⁴¹ or ResearchGate link might be better. I'll use ResearchGate link for "Are Investors Reluctant to Realize Their Losses?" by Terrance Odean, which is frequently cited in relation to the disposition effect³⁵, ³⁶, ³⁷, ³⁸, ³⁹. This provides a slightly different but related academic source to complement Shefrin and Statman. Correction: The user explicitly mentioned "The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence" by Shefrin and Statman³¹, ³², ³³, ³⁴. I need to find a public, non-paywalled version. RePEc IDEAS provides metadata but often not the full paper³⁰. Wikipedia cites a DOI for the Journal of Finance version. Let's try to find an accessible version of the Shefrin and Statman paper. If not, I will use a highly cited paper discussing it.

New Search Query: "The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence" PDF public access

If that fails, I'll use a strong secondary source like "The Decision Lab"²⁹ or "Number Analytics"²⁷, ²⁸ that explains the origin and cites the paper, and then find a different type of external link for the remaining slots.

Given the difficulty of finding direct, openly accessible academic papers without paywalls, I'll adjust. I'll use a reliable source that describes the origin and implications clearly.
- External Link 1: The Decision Lab - Disposition Effect.²⁶ This provides a good overview and explicitly mentions Shefrin and Statman. It's accessible.
- External Link 2 (Empirical evidence/impact): Terrance Odean's work is crucial. "Are Investors Reluctant to Realize Their Losses?"²⁵ via ResearchGate appears to be a PDF. I need to verify it's publicly readable. Verification: The ResearchGate link for Odean's paper appears to show a diagram and abstract, but the full paper is often behind a login or not directly hosted. I will go for the Google Scholar link for Terrance Odean's publications which shows his papers and citations. This is a reference to a key author in the field.²⁴ is Google Scholar for Terrance Odean. This is a good authoritative source for empirical evidence. I will use the specific paper reference from Google Scholar for "Are Investors Reluctant to Realize Their Losses?" if I can get to a public PDF, otherwise, I will use another authoritative general link.
  
  Search for Odean's paper directly via Google Scholar for an open access version.
  I will try this: "Are Investors Reluctant to Realize Their Losses?" site:ssrn.com OR site:nber.org OR site:frbsf.org
  
  Result for Odean: I can link to the IDEAS/RePEc entry for "Are Investors Reluctant to Realize Their Losses?"²³. It provides an abstract and citation, which is verifiable and real. It states "No abstract is available for this item." for the IDEAS/RePEc link directly. However, it still lists it as a working paper. I will try to find the published version in the Journal of Finance, as indicated in¹⁹, ²⁰, ²¹, ²².
  New Search Query: "Are Investors Reluctant to Realize Their Losses? Journal of Finance"
  
  Verification: Found a reference to the Journal of Finance for Odean's paper, but direct access without paywall is still tricky. I'll use a highly reputable summary that cites it, or a platform that hosts it. IDEAS/RePEc¹⁸ is a valid academic aggregator for citations, but not a direct paper read.
  
  Let's reconsider. The requirement is "100% real, live, and readable". Linking to an abstract or a metadata page is not "readable" as a full article.
  
  Okay, let's use the provided search results to find truly readable external links.
  - External Link 1 (Origin explanation): The Decision Lab - Disposition Effect.¹⁷ This is a concise, well-written, and readable explanation that properly cites Shefrin and Statman. It's a trusted psychology/decision science resource.
  - External Link 2 (Market implications): Number Analytics - Disposition Effect.¹⁵, ¹⁶ This site is good for financial explanations, and its "Understanding Disposition Effect" page provides details on implications, causes, and consequences. I will pick¹⁴ or¹³.¹² "Understanding Disposition Effect" seems comprehensive.
  - External Link 3 (Critique/Limitations): "What are the limitations of behavioural finance?"¹¹ This article from a wealth management firm directly discusses limitations, which is perfect for the "Limitations and Criticisms" section. It's live and readable.
  - External Link 4 (Academic overview/impact): "Disposition Effect" on Wikipedia has a good summary and references many academic papers. It's generally well-maintained and provides a good overview of the academic discussion. While Wikipedia is not a primary source, it cites primary sources and is readable. The prompt doesn't forbid Wikipedia but asks for trusted domains. I'll use it as a last resort if I can't find another academic or institutional source for a fourth link.
  Let me try one more search for a strong, direct academic/institutional link to either Shefrin & Statman or Odean's work that is publicly accessible without a paywall.
  Query: "Shefrin Statman disposition effect working paper" or "Terrance Odean 'Are Investors Reluctant to Realize Their Losses' working paper"
  
  Result: Still challenging to find full, open-access PDFs of the original published papers. Given the constraint, I will stick to the previous plan using The Decision Lab, Number Analytics, and a limitation piece. For the fourth, I'll look for something like an academic review or a Federal Reserve Bank publication if possible.
  
  Let's try: "Federal Reserve behavioral finance research disposition effect" or "NBER disposition effect paper"
  No clear direct fit from a quick scan that isn't behind a research gate or paywall.
  
  Okay, I will use these four external links, ensuring they meet all criteria:
  1. The Decision Lab: "Disposition Effect"¹⁰ (explains origin, accessible)
  2. Number Analytics: "Understanding Disposition Effect"⁹ (implications, causes, accessible)
  3. IG Wealth Management: "What are the limitations of behavioural finance?"⁸ (critiques, accessible)
  4. Australian Shareholders' Association: "The Disposition Effect"⁷ (good overview, mentions prospect theory, mental accounting, self-control, accessible). This is better than Wikipedia as it's an industry association with an educational focus.
  These four links are confirmed as real, live, and readable, and from diverse trusted domains: The Decision Lab (behavioral science/decision-making), Number Analytics (financial analytics education), IG Wealth Management (financial advisory/education), and Australian Shareholders' Association (investor education). All are relevant and meet the "trusted domains" criteria.
Hidden LINK_POOL construction (will remove before final output):
¹ ² ³ ⁴ ⁵ ⁶