Финансы: теория и практика / Finance: theory and Practice, 2024, том 28, № 4

Том / Vol. 28, No. 4
ISSN 2587-5671 (Print)
ISSN 2587-7089 (Online)
DOI: 10.26794/2587-5671
ФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА
Научно-практический рецензируемый журнал
Издается с 1997 г. 
Предыдущее название — «Вестник Финансового университета» 
FINANCE: THEORY AND PRACTICE
Scientific and practical peer-reviewed journal
Published since 1997. 
Former title: “Bulletin of the Financial University”
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ПИ № ФС77-70021 от 31 мая 2017 г.
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PI No. FS77-70021 of 31 May 2017
Учредитель: Финансовый университет
при Правительстве Российской Федерации,
Москва, Россия
Founder: Financial University
under the Government of the Russian Federation,
Moscow, Russia
Периодичность издания — 6 номеров в год
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Журнал ориентирован на научное обсуждение актуальных 
проблем  в сфере финансовой экономики.
The Journal is focused on scientific discussion 
of topical problems in the sphere of financial economy.
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Экономическая теория, 5.2.4. Финансы (экономические науки).
A journal included in the first category  of the List of VAC’s 
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Each article is assigned a digital object identifier (DOI).
 
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Главный редактор
ФЕДОТОВА М.А., доктор экономических наук, профессор, заместитель научного руководителя 
Финансового университета, Москва, Россия
заместитель Главного редактора
АХАМЕР Г., PhD, Консультативный совет по глобальным исследованиям, Университет Граца, 
Институт экономической и социальной истории, Грац, Австрия; Агентство по охране окружающей 
среды Австрии, Вена, Австрия
ЧЛЕНЫ РЕДАКЦИОННОЙ КОЛЛЕГИИ
БОДРУНОВ С.Д., доктор экономических наук, профессор, 
РУЧКИНА Г.Ф., доктор юридических наук, декан 
член-корреспондент РАН, директор Института нового 
юридического факультета, профессор кафедры правового 
индустриального развития им. С. Ю. Витте, президент 
регулирования экономической деятельности, Финансовый 
Вольного экономического общества России, первый вицеуниверситет, Москва, Россия
президент Санкт-Петербургского Союза промышленников 
РЯБОВ П.Е., доктор физико-математических наук, доцент, 
и предпринимателей, Санкт-Петербург, Россия
профессор кафедры анализа данных и машинного 
БОСТАН И., PhD, профессор факультета экономических 
обучения факультета информационных технологий 
наук и государственного управления, Сучавский 
и анализа больших данных, Финансовый университет, 
университет им. Штефана чел Маре, Сучава, Румыния
Москва, Россия
ГОЛОВНИН М.Ю., доктор экономических наук, членСАНДОЯН Э.М., доктор экономических наук Российской 
корреспондент РАН, директор Института экономики РАН, 
Федерации и Республики Армения, профессор, директор 
Москва, Россия
Института экономики и бизнеса, Российско-Армянский 
КРЮКОВ В.А., доктор экономических наук, профессор, 
университет, Ереван, Армения
академик РАН, директор Института организации 
СИЛЛА Р.Е., PhD, почетный профессор экономики, Школа 
промышленного производства СО РАН, Новосибирск, Россия
бизнеса Стерна, Нью-Йоркский университет, Нью-Йорк, 
ЛАФОРДЖИА Д., PhD, профессор Университета Саленто, 
США
Италия
СЛАВИН Б.Б., доктор экономических наук, профессор 
ЛИ СИН, PhD, профессор, директор Научнокафедры бизнес-информатики, Финансовый университет, 
исследовательского института евразийских исследований, 
Москва, Россия
Национальный центр Шанхайской организации 
СТЕБЛЯНСКАЯ А.Н., PhD, доцент Школы экономики 
сотрудничества (ШОС), Шанхай, Китай
и менеджмента, Харбинский инженерный университет, 
МУЛИНО А.В., PhD, профессор финансовой  
Харбин, Китай
экономики и руководитель департамента финансов,  
ТИТЬЕ К., PhD, профессор Галле-Виттенбергского 
Бирмингемский университет, Бирмингем,  
университета им. Мартина Лютера, Германия
Великобритания
ХАН С.М., PhD, руководитель департамента экономики, 
ПФЛУГ Г., PhD, декан экономического факультета, Венский 
Блумбсбергский университет, Блумбсберг, США
университет, Вена, Австрия
ХУММЕЛЬ Д., PhD, профессор, Университет Потсдама, 
РЕНСТРОМ Т., PhD, профессор, Школа бизнеса,  
Германия
Даремский университет, Дарем, Великобритания
ЦЫГАЛОВ Ю.М., доктор экономических наук, профессор 
РУБЦОВ Б.Б., доктор экономических наук, профессор 
кафедры корпоративных финансов и корпоративного 
кафедры финансовых рынков и финансового инжиниринга 
управления факультета экономики и бизнеса, Финансовый 
финансового факультета, Финансовый университет, 
университет, Москва, Россия
Москва, Россия
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ФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА   Т. 28,  № 4’2024  financetp.fa.ru 
2

Editor-in-Chief
FEDOTOVA M.A., Dr. Sci. (Econ.), Professor, Deputy Scientific Advisor of the Financial University, Moscow, 
Russia
DEPUTY Editor-in-Chief
AHAMER G., PhD, Advisory Board Global Studies, Graz University, Institute for Economic and Social 
History, Graz, Austria; Environment Agency Austria, Vienna, Austria
Members of the Editorial Board
BODRUNOV S.D., Dr. Sci. (Econ.), Professor, Corresponding 
RUCHKINA G.F., Dr. Sci. (Law), Financial University, Head 
Member of the Russian Academy of Sciences, Director 
of the Department for Regulation of Economic Activity, 
of the S. Yu. Witte Institute for New Industrial Development, 
Moscow, Russia
President of the Free Economic Society of Russia, First ViceRYABOV P.E., Dr. Sci. (Phys.-Math.), Assoc. Prof., Prof. 
President of the St. Petersburg Union of Industrialists and 
Department of Data Analysis and Machine Learning, Faculty 
Entrepreneurs, St. Petersburg, Russia
of Information Technology and Big Data Analytics, Financial 
BOSTAN I., PhD, Professor Faculty of Economic Sciences 
University, Moscow, Russia
and Public Administration, Stefan cel Mare University 
SANDOYAN E.M., Dr. Sci. (Econ.), Professor, Director of the 
of Suceava, Suceava, Romania
Institute of Economics and Business, Russian-Armenian 
GOLOVNIN M.YU., Dr. Sci. (Econ.), Corresponding Member 
(Slavonic) University, Yerevan, Armenia
of the Russian Academy of Sciences, Director of the Institute 
SYLLA R.E., PhD, Professor Emeritus of Economics, Stern 
of Economics of the Russian Academy of Sciences, Moscow
School of Business, New York University, New York, USA
KRYUKOV V.A., Dr. Sci. (Econ.), Academician of the Russian 
Slavin B. B., Dr. Sci. (Econ.), Professor, Department 
Academy of Sciences, Director of the Institute of Industrial 
of Business Informatics, Financial University, 
Engineering SB RAS, Novosibirsk
Moscow, Russia
LAFORGIA D., PhD, Professor, University of Salento, Italy
Steblyanskaya A.N., PhD, Assoc. Prof., School 
LI XIN, PhD (Econ.), Professor, Director, Research Institute  
of Economics and Management, Harbin Engineering 
for Eurasian Studies, National Center for SCO, Shanghai, China
University, Harbin, China
MULLINEUX A.W., PhD, Professor of Financial Economics 
TIETJE С., PhD, professor of the Martin-Luther-University 
and Head of Department of Finance, University 
Halle-Wittenberg, Germany
of Birmingham, Birmingham, United Kingdom
KHAN S.M., PhD, Head of the Department of Economics, 
PFLUG G., PhD, Dean, Faculty of Economics, Vienna  
Bloomsburg University of Pennsylvania, Bloomsburg, USA) 
University, Vienna, Austria
KHUMMEL’ D., Dr. Sci. (Econ.), Professor, University 
RENSTROM T., PhD, Professor, Durham University Business 
of Potsdam, Potsdam, Germany
School, Durham, United Kingdom
TSYGALOV YU.M., Dr. Sci. (Econ.), Professor, Corporate 
RUBTSOV B.B., Dr. Sci. (Econ.), Professor, Department of Financial 
Finance and Corporate Governance Department, Financial 
Markets and Banks, Financial University, Moscow, Russia
University, Moscow
Manuscripts are submitted via the electronic editorial 
board on the journal's website 
https://financetp.fa.ru/jour
Minimum volume of a manuscript to be submitted 
4 ths words; optimal — 6 ths words.
The Editorial Board are assessment the peer-review 
manuscripts meticulously and executes scientific, 
literary and technical editing of the author’s original 
in the journal.
More information on publishing terms 
is at: https://financetp.fa.ru/jour
FINANCE: THEORY AND PRACTICE   Vol. 28,  No. 4’2024  financetp.fa.ru
3

СОДЕРЖАНИЕ
ПОВЕДЕНЧЕСКАЯ ЭКОНОМИКА
Choubey V., Joshi P. 
V.
Does the Disposition Effect Justify the Options Traders’ Irrationality? .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . 6
Gautam C., Wadhwa R., Raman T. 
V.
Role of Personality Traits and Perceptive Factors in Determining Stock Market  
Investment Intentions .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Arumsari Y. K., Surachman, Sumiati, Andarwati
ФИНАНСЫ: ТЕОРИЯ 
И ПРАКТИКА / 
FINANCE: THEORY 
AND PRACTICE
Научно-практический 
журнал
Том 28, № 4, 2024
Factors Affecting Financial Decision Making: The Women Lecturer’s Perspective  .  .  .  .  .  .  .  .  . . . . . . . . 33
ГОСУДАРСТВЕННЫЕ ФИНАНСЫ
Абдикеев Н. М., Степнов И. М., Ковальчук Ю. 
А.
Рационирование как нормативный принцип финансирования экосистемного взаимодействия .  . . 46
Omodero C. O.
Effect of State Bonds on the Private Sector: Evidence from a Growing Economy .  .  .  .  .  .  .  .  . . . . . . . . . 59
Климанов В. В., Михайлова А. 
А.
Бюджетная политика крупнейших российских городов как инструмент ответа  
на глобальные вызовы  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
ИНВЕСТИЦИОННАЯ ПОЛИТИКА
Зюкин Д. 
А., Болычева Е. 
А., Каширин С. В., Баранников А. 
А., Гончаренко О. Н.
Развитие инвестиционного климата в Российской Федерации на фоне политических 
и экономических санкций .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
Ebire K., Nwala M. N., Musa A. 
A.
Effect of Inward Capital Flows on Financial Stability in Nigeria .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . 97
НАЛОГОВАЯ ПОЛИТИКА
Гончаренко Л. И.
Налоговые преференции в пространственном развитии страны: терминологический  
аспект исследования .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
НОВЫЕ БАНКОВСКИЕ ТЕХНОЛОГИИ
Покаместов И. Е., Никитин Н.А
Главный редактор —
Марина Алексеевна 
Федотова
Заведующий Редакцией 
научных журналов —
Виктор Александрович 
Шадрин
Выпускающий редактор —  
Ирина Сергеевна Довгаль
Переводчик —  
Виктория Ивановна 
Тимонина
Библиограф — 
Василий Михайлович 
Алексеев
Корректор —  
Светлана Феодосиевна 
Михайлова
Верстальщик —  
Сергей Михайлович Ветров
Современные технологии искусственного интеллекта как инструмент трансформации  
цепочек создания стоимости российских коммерческих банков  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . 122
ФИНАНСОВЫЕ РИСКИ
Gorelik V. 
A., Zolotova T. 
V.
Method for Determining the Risk Profile of Investors Based on the Relationship of Two Stock 
Investing Problems .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
Кузнецова В. В., Ларина О. И.
Влияние небанковского финансового посредничества на банковские кризисы .  .  .  .  .  .  .  . . . . . . . 144
УНИВЕРСИТЕТСКИЕ РЕЙТИНГИ И ФИНАНСЫ
Адрес редакции:
125167, Москва,
Ленинградский пр-т,  
53, к. 5.4
Тел.: 8 (499) 553-10-71 
(вн. 10-79)
E-mail: isdovgal@fa.ru
Сайт: financetp.fa.ru
Приходько Л. В., Амерсланова А. Н., Каменева Е. 
А.
Финансовое обеспечение университета и академический рейтинг: аспекты взаимосвязи  .  .  . . 157
КОРПОРАТИВНЫЕ ФИНАНСЫ
Наумов И. В., Бычкова А. 
А., Никулина Н. Л., Седельников В. М.
Оценка перспектив банкротства отраслей промышленности Свердловской области  .  .  .  .  . . . . . 181
ДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКА
Оформление подписки 
в редакции  
по тел.: 8 (499) 553-10-71 
(вн. 10-80) 
e-mail: sfmihajlova@fa.ru 
С.Ф. Михайлова
Щепотьев А. В.
Размер экономически обоснованной процентной ставки по долговым обязательствам  
в ходе осуществления хозяйственной деятельности  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . 193
ДРАЙВЕРЫ ЭКОНОМИЧЕСКОГО РОСТА
Сухарев О. С., Ворончихина Е. Н.
Макроструктурный анализ динамики двухсекторной экономики .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . 203
МЕЖДУНАРОДНЫЕ ФИНАНСЫ
Mabeba M. R.
The Effect of Financialization on Economic Growth in Developing Countries  
with Large Financial Sectors .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
ФИНАНСОВЫЙ МЕНЕДЖМЕНТ
Fahd M. 
A.
Подписано в печать 
06.08.2024 
Формат 60 х 84 1/8. 
Объем 29,75 п. л.
Заказ № 972.
Отпечатано 
в отделе полиграфии
Финансового университета 
(Москва, Ленинградский 
пр-т, д. 51)
© Финансовый университет, 
Москва
The Real Earnings Management Mediation: Relation Between Ceo Overconfidence  
and Subsequent Performance .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228
ФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА   Т. 28,  № 4’2024  financetp.fa.ru 
4

Contents
BEHAVIORAL ECONOMICS
FINANCE: THEORY 
Choubey V., Joshi P. 
V.
AND PRACTICE 
Does the Disposition Effect Justify the Options Traders’ Irrationality?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Scientific and practical journal 
Gautam C., Wadhwa R., Raman T. 
V.
Vol. 28,  Nо. 4,  2024
Role of Personality Traits and Perceptive Factors in Determining Stock Market  
Investment Intentions. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Editor-in-Chief —  
Arumsari Y. K., Surachman, Sumiati, Andarwati
Marina A. Fedotova
Factors Affecting Financial Decision Making: The Women Lecturer’s Perspective. .  .  .  .  .  .  .  .  .  . . . . . . . . . 33
STATE FINANCES
Head of Scientific Journals  
Abdikeev N. M., Stepnov I. М., Kovalchuc J. 
А.
Editorial Department — 
Rationing as a Normative Principle of Ecosystem Interaction’s Financing. .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . 46
Victor A. Shadrin 
Omodero C. O.
Managing Editor —  
Effect of State Bonds on the Private Sector: Evidence from a Growing Economy. .  .  .  .  .  .  .  .  .  . . . . . . . . . 59
Irina S. Dovgal
Klimanov V. 
V., Mikhaylova А. 
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ПОВЕДЕНЧЕСКАЯ ЭКОНОМИКА / BEHAVIORAL ECONOMICS
ORIGINAL PAPER
 CC    BY 4.0
©
DOI: 10.26794/2587-5671-2024-28-4-6-17
JEL G4, G41
Does the Disposition Effect Justify  
the Options Traders’ Irrationality?
V. Choubey, P.V. Joshi
Symbiosis Institute of Operations Management, Nashik, 
 Symbiosis International (Deemed) University, Pune, India
ABSTRACT
The options trader’s decisions are expected to be rational decisions but an element of irrationality is observed in decision 
making. The Disposition effect is the behavioral aspect of an investor which explains his irrational decision-making. The 
disposition effect is the tendency to keep losing positions too long and selling winning positions too early. The present 
research work studies the disposition effect in options trading. Options are derivatives of underlying assets which give the 
holder the right to exercise them at a given date and price. In this research work, elements of disposition effect namely, 
Herding (HE), Mental accounting (MA), Risk Aversion (RA) are studied along with Trade enablers (TE) and Cost consciousness 
(CC). The data was collected from 250 respondents’ trading options on the National Stock Exchange, India. The collected data 
was analyzed using Structured Equation Modeling (SEM). The results reflected that the disposition effect existed in decisionmaking by options traders. Trade Enabler consisting of Time decay and Open Interest, and Herding emerged as significant 
elements of disposition effect for options trading. Mental accounting, risk aversion, and cost-consciousness emerged as less 
significant elements affecting the disposition effect in options trading.
Keywords: disposition effect; herding; mental accounting; risk aversion; behavioral finance
For citation: Choubey V., Joshi P.V. Does the disposition effect justify the options traders’ irrationality? Finance: Theory and 
Practice. 2024;28(4):6-17. DOI: 10.26794/2587-5671-2024-28-4-6-17
ОРИГИНАЛЬНАЯ СТАТЬЯ 
Оправдывает ли эффект диспозиции 
иррациональность опционных трейдеров?
В. Чуби, П.В. Джоши
Институт управления операциями «Симбиоз», Нашик, 
 Международный университет «Симбиоз», Пуна, Индия
АННОТАЦИЯ
Ожидается, что решения инвесторов будут рациональными, однако в принятии решений наблюдается элемент иррациональности. Эффект диспозиции — ​
это поведенческий нюанс инвестора, который объясняет его иррациональное 
принятие решений. Он заключается в тенденции слишком долго держать проигрышные позиции и неоправданно рано 
продавать выигрышные позиции. Изучаются эффект диспозиции в торговле опционами. Опционы — ​
это производные 
от базовых активов, которые дают владельцу право реализовать их в определенную дату и по фиксированной цене. 
В данной исследовательской работе изучаются такие элементы эффекта диспозиции, как: стадность (С), ментальный 
учет (MA), неприятие риска (НР), катализатор торговли (КТ) и разумный подход к расходованию (ПР). Данные получены от 250 респондентов, торгующих опционами на Национальной фондовой бирже Индии. Для анализа собранных 
данных применен метод моделирования структурированных уравнений (SEM). Результаты показали, что эффект 
диспозиции существует в принятии решений трейдерами опционов. Катализатор торговли, состоящий из временного 
распада и открытого интереса, а также стадность оказались значимыми элементами эффекта диспозиции при торговле 
опционами. Ментальный учет, неприятие риска и разумный подход к расходованию оказались менее значимыми 
элементами, влияющими на эффект диспозиции в торговле опционами.
Ключевые слова: эффект диспозиции; стадность; ментальный учет; неприятие риска; поведенческие финансы
Для цитирования: Choubey V., Joshi P.V. Does the disposition effect justify the options traders’ irrationality? Финансы: 
теория и практика. 2024;28(4):6-17. DOI: 10.26794/2587-5671-2024-28-4-6-17
© Choubey V., Joshi P.V., 2024
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V. Choubey, P.V. Joshi
INTRODUCTION
associated with decision-making. There are a lot of 
studies indicating the causes of the irrational behavior 
of individuals. The landmark work of [8] and [9] on the 
disposition effect is referred to in this research work to 
understand irrationality in behavior of option traders. 
The preliminary observations by researchers, followed 
by interviews with option traders, revealed that traders 
are holding losing positions longer and selling winning 
positions early. This poses the following questions in 
the minds of the researchers.
RQ 1: Does the disposition effect justify (explain) 
the irrational behavior of option traders?
RQ 2: which is a significant factor determining the 
disposition effect in options trading.
Aim and Objectives
The study aims to justify (Explain) the irrational behavior of option traders through the disposition effect. Though there have been studies on the behavior 
of capital market investors, this paper aims at understanding whether the disposition effect explains the 
irrational behavior of options traders. The study initially focuses on investigating existing literature and 
exploring factors affecting disposition effects, with 
special reference to options trading. Further, the research intends to identify significant factors of disposition effect in options trading.
Derivatives and Disposition in Derivative Trading
The global equity trading volumes have surged from 
20 trillion US dollars in the first quarter of 2017 to 
41.78 trillion US dollars by the 3rd quarter of 2021.1 
Apart from equity investment, a surge in trading of 
derivatives (equity, commodity, currency, and index) 
is observed. An option or derivative is a contract that 
gives the owner the right to buy or sell the security 
but not an obligation to execute the contract at a future date based on the strike price (1). However, the 
increased awareness amongst retailer traders about 
derivative instruments results in the trading of derivatives (2).
As per the report published by Statista 
2 the number 
of options contracts traded worldwide in 2021 was 
33.31 billion, as compared to 29.28 billion contracts 
in futures. As per the report of CNBC, in 2020, retail 
participants contributed to more than 25% of traded 
option contracts. The report further mentioned that 
the majority of them were making losses [3]. As per 
the reports by SEBI,3 89% of Future and Option traders 
made losses. Derivatives contracts are different from 
equity contracts in that they have special attributes 
such as expiry, premium, lot size, time-decay, high 
risk, high reward, etc. These attributes complicate 
the decision-making of the traders and involve them 
psychologically.
The study of decision-making by investors in the 
capital market was guided by classical theories. These 
theories tried to provide a rationale for the decisions 
made by the investors [4]. The Efficient Market Hypothesis (EMH) is proposed by [5] based on the Expected 
Utility Theory, which is widely accepted. These traditional theories are challenged by many researchers, 
given events like the dot-com crash, subprime crisis, 
Brexit, and the recent emergence of the Corona Virus pandemic [6]. Theories of behavioral finance are 
adopted to explain irrational behavior. These basic 
theories of behavioral finance are based on the concept 
of “bounded rationality” [7]. It is related to “limitations” 
1 Value of global equity trading worldwide from 1st quarter 
2017 to 4th quarter 2021. URL: https://www.statista.com/
statistics/242745/volume-of-global-equity-trading/ (accessed 
on 01.03.2022).
2 Number of futures and options contracts traded worldwide 
from 
2013 
to 
2022. 
URL: 
https://www.statista.com/
statistics/377025/global-futures-and-options-volume/ 
(accessed on 01.04.2022).
Specific Contribution of Research Work
The theory of Disposition effect was put forth by [8, 
9]. Its applications were mainly identified by several authors. The study of DE in case of IPOs [10] and 
taxation [11] is observed. Also, studies of DE in the 
context of demographics are done [10, 11]. This paper 
studies the applicability of the disposition effect on 
options traders’ behavior, which is lacking in the existing literature. Also, several studies were conducted 
with respect to individual factors of disposition effect, 
namely Mental Accounting [12], Herding [13], Risk 
Aversion. However, no work was observed in above 
studies to identify the significant factors affecting 
the Disposition effect in options trading. Further, it 
was noticed after the initial interaction with the option traders that cost and time value play a vital role 
in decision making in options trading and trigger the 
disposition effect. This led to further exploration of 
the literature, and two factors specific to option trading were proposed, namely Cost Consciousness and 
Trade Enablers.
THEORETICAL DEVELOPMENT
3 Analysis of Profit and Loss of Individual Traders dealing in 
Equity F&O Segment. URL: https://www.sebi.gov.in/reportsand-statistics/research/jan-2023/study-analysis-of-profitand-loss-of-individual-traders-dealing-in-equity-fandosegment_67525.html (accessed on 30.01.2023).
The pioneering work in understanding the complexity of options was done by [14] based on five factors, 
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ПОВЕДЕНЧЕСКАЯ ЭКОНОМИКА / BEHAVIORAL ECONOMICS
namely the strike price of the underlying asset, the 
current premium price of the option, the maturity 
date of the option, the risk-free rate in the country, 
and the volatility of the mark. Despite having relevant information, the majority of retailers are making 
losses, and this signifies the behavioral aspect of options trading decisions. The present work focuses on 
Disposition effect.
discussing the DE, also considered MA when it was 
mentioned that the decision-makers do not consider the whole portfolio but individual securities. [24] 
observed that investors are risk-averse to individual 
stock losses but do not take into consideration portfolio losses, stressing the presence of MA. The above 
literature indicates the influence of MA on the DE for 
various instruments. Based on it, the following hypothesis is proposed to study the relation between 
MA and DE for options trading:
H2 — ​
MA positively affects Disposition Effect.
Disposition Effect (DE)
The disposition effect is an integral part of behavioral 
finance. It supports explaining the irrational behavior of decision-makers where classical theories have 
limitations [8, 15]. Traces of DE were observed in the 
self-justification theory proposed by [16], which explains investors’ behavior when they commit mistakes. As a counteraction, the individual tends to invest more resources to rectify the mistakes, attracting 
additional financial commitments that may lead to financial distress. The literature related to DE was further advanced by contribution of [9]. They criticized 
the expected utility theory and the prospect theory 
suggested by them. Similarly, [17] observed that the 
risk profile is situational. An investor may take a risk 
in some situations and avoid others. Further inspection of the prospect theory was done by [8]. They concluded that the DE works in real decision-making and 
can be attributed to mental accounting, loss aversion, 
avoiding regret, seeking pride, and self-control. The 
major factors creating DE are discussed further.
Herding
It is irrationally copying the decisions of other investors. The negative news causes more fluctuations in 
comparison to positive news [18]. It may be attributed to blindly following the advice of experts [19] or to 
fashion and fads [20]. Herding is observed very well in 
a social media environment called social trading [21]. 
This environment provides information, transparency, 
and constant reciprocal scrutiny by participants but 
at the same time drives them in direction. The study 
by [22] also explains the fear of missing out on patterns in trading, which causes herding. The researcher proposes the following:
H1 — ​
Herding positively affects the Disposition Effect.
Mental Accounting
MA explains that an individual or household decision-maker decides by creating separate considerations called accounts. In the case of financial investments, each security is considered a separate account, 
and the decisions are not taken based on the whole 
portfolio altogether [12]. Along the same lines [23], 
Trade Enablers
Trade enablers consist of time-decay (expiration) and 
open-interest. The importance of the first component 
of trade enabler, i. 
e. expiration has been observed by 
many researchers. The American option value decomposes as it approaches its expiration date [25]. Traders choose not to stay invested in a contract that they 
do not believe has any chance of becoming profitable. 
Different observations are made by researchers regarding expiry options. The expiry date is related to 
return, volatility, and volume in derivatives and their 
underlying assets [26]. The DE (keeping losers and 
selling winners) is affected by the above three. It was 
found that the maturity effect influences the traded 
volumes but doesn’t make the prices volatile [27]. 
Though volatility remains the same on the expiration 
day, [28] found that on the expiration day, trading volume fluctuates but prices are not affected. In contrast 
to this study, it is observed that trading activities are 
normal on expiry [29]. On the basis of the above, we 
infer that as the expiry date of options approaches, 
the probability of price fluctuation reduces, hence the 
option traders with profitable positions exit from the 
trade and the option traders with loss making positions continue to hold their positions in expectation of reversal. The second component of the trade 
enabler, i. 
e., open interest, is related to the number 
of un-winded contracts. In the work of [30], the importance of open-interest in predicting is highlighted. 
They found that increase in put-options open-interest 
is followed by poor return on underlying. Similarly, 
an increase in call open-interest predicts good performance by underlying. The options markets show 
unusual activities in form of open-interest before any 
significant corporate event [31]. Thus, open-interest 
can be used as an indicator for predicting the behavior of the market as studied by [32] in the Indian and 
US markets. The importance of non-price variables, 
namely open-interest and trading volume, can be seen 
in the research work of [32]. The common observation 
was that open-interest predicts the movement of unФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА   Т. 28,  № 4’2024  financetp.fa.ru 
8

V. Choubey, P.V. Joshi
pothesis is proposed for studying the decision-makers in options trading:
H4 — ​
Risk Aversion positively affects Disposition Effect.
derlying. The authors infer that open-interest is an 
indication of holding positions (i. 
e., DE) and intend 
to hypothesize that open interest increases DE. These 
two factors — ​
expiry of options and changes in openinterest play an important role in holding a contract. 
These two factors combined are termed “Trade Enablers” by researchers. To capture the trading behavior 
related to expiry and open-interest and its impact on 
disposition, the following hypothesis is framed:
H3 — ​
Trade Enablers positively affect the Disposition Effect.
Risk Aversion
Risk Aversion and DE are studied by many researchers. Investors’ decisions are based on their economic 
outlook and expected utility from the investment, 
and they always look for value in the opportunity [8]. 
The expected returns vary proportionately with the 
risk involved in the investment. RA is a major cause 
of the DE and it is because of this RA that decisionmakers tend to sell their winning positions too soon. 
However, the term asymmetric RA is used to indicate 
that the decision-maker is risk-averse only in a winning position but becomes a risk-taker when in a loss 
[33]. The paper researched the impact of only RA on 
the DE on the investors and concluded that the RA 
alone is insignificant in explaining the DE in the case 
of winners but is significant in the case of losing investments [34]. The previous research works reflect a 
relationship between RA and DE. The following hyCost-Consciousness
The term cost-consciousness though is a widely used 
term in scientific literature, but the concept lacks clarity and is vague [35]. Cost-consciousness is looked at 
from different points of view, like cost reduction, operations and economic efficiency [36]. This paper intends 
to use the term from the capital market point of view. 
In this research work, the term cost consciousness is 
used to represent two vital and concerning elements 
of option trading, i. 
e. the transaction costs and taxes 
involved. The transaction cost is a major element determining efficiency and ultimately influences the decisions of stock market traders [37]. In an experiment 
[38], it was found that of the major factors affecting 
the DE, transaction cost was found to be a significant 
factor. On similar lines, observations were made by 
[39]. It is found that the DE is sensitive to taxes and 
the decisions of traders are affected by the rate of 
taxes [40]. In this context [41], observed the impact of 
security transaction taxes and inferred that it has an 
adverse impact on stock market participants and reduces profitability. Studies by [42] reveal that to reduce 
tax liabilities, traders wind up their winning positions 
as the year approaches. This indicates that decisions 
made are affected by taxes. The research [43] studied 
 
Fig. 1. Proposed Model for DE in Options Trading
Source: Compiled by authors.
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ПОВЕДЕНЧЕСКАЯ ЭКОНОМИКА / BEHAVIORAL ECONOMICS
items was judged by the expert panel of 10 judges from 
Industry and Academia. Items having 75% consensuses were used for data collection. Out of 22 items, 
seventeen were validated by a panel of judges. Items 
DE4 and DE 5, TE2 & TE3, CC2 were dropped based 
on the judges’ opinion. The final instrument was presented to respondents and responses were collected on 
a five-point Likert scale with Strongly Agree (5), Agree 
(4), Neutral (3), Disagree (2), and Strongly Disagree (1).
Sample and Data Collection
The data was collected from individual options traders on the National Stock Exchange, India. Responses were collected from 315 option traders using the 
judgment sampling method. A self-administered 
questionnaire was used for this purpose. The response rate was 79% (approx.), and 250 valid and 
complete responses were used for further analysis. 
The respondents’ profile is given in the Table 2.
RESULTS
the impact of taxation on the trading behavior of private investors. They concluded that taxes have a major 
impact on the decision-making of traders. Discontinuity of taxes increases the trading volume of buying and 
selling of positions in case of gains as well as losses. 
Hence, the researchers are interested in understanding 
the existence of the following relationship:
H5 — ​
Cost-consciousness positively affects the Disposition Effect.
Looking at the literature and research work available, 
applications of DE have been studied by many authors, 
like in taxation [10], IPO [41], or demographics [11]. 
Also, several studies were conducted with respect to 
individual factors of disposition effect namely Mental Accounting [12]; Herding [18]. Risk Aversion [33]. 
However, no work was observed in the above studies to 
identify the significant factors affecting the Disposition 
effect in options trading. Further, it was noticed after 
the initial interaction with the option traders that cost 
and time value play a vital role in decision making in 
options trading and trigger disposition effect. This 
led to further exploration of literature and two factors 
specific to option trading were proposed, namely Cost 
Consciousness and Trade Enablers. Based on the detailed 
literature review, the model is proposed as in Fig. 1.
RESEARCH METHODOLOGY
Common Method Bias and Normality
Common method bias was observed using Harman’s 
single-factor test. The maximum variance for a single 
factor was 43.5%. These rules out biasedness in the 
given data. The data was found in the normal range 
of +/–2 for skewness and kurtosis. This ensures the 
normality of the data [48].
Instrument Development
The disposition effect is studied based on five factors: Herding, MA, Trade Enablers, Risk Aversion, 
and Cost-Consciousness. Table 1 depicts the sources 
of items for various constructs (factors).
These items from various sources were adapted for 
the current study. The items, related to Trade Enablers 
and Cost-Consciousness, were developed by researchers 
on suggestions of experts. The validity of an instrument 
is the appropriateness by which it measures what is 
required to measure [47]. The Content Validity of these 
Validity
Convergent validity: Composite Reliability (CR), factor loadings, and Average Variance Extracted (AVE) 
were used for establishing convergent validity. An 
acceptable range for CR above 0.7 and AVE above 0.5 
for convergent validity [49]. Factor loading above 0.5 
is acceptable. Cronbach Alpha is above 0.60 for all the 
constructs and is within an acceptable range [49]. The 
findings are presented in Table 3.
Table 1
Instrument Development Sources
Construct (factors)
Source
Disposition Effect (DE1, DE2, DE3, DE4, DE5)
[44]
Herding (HE1, HE2, HE3)
[45]
MA (MA1, MA2, MA3)
[45, 46]
Risk Aversion (RA1, RA2, RA3, RA4)
[46]
Trade Enablers (TE1, TE2, TE3, TE4)
Suggested by experts
Cost-Consciousness (CC1, CC2, CC3)
Suggested by experts
Source: Compiled by authors.
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