The effect of investment and withdrawal horizons on myopic loss aversion.

Using unique survey data, we find that a longer investment horizon (6-10 years and 11+ years) reduces the likelihood of exhibiting myopic loss aversion (MLA) compared to an investment horizon of less than 2 years. In addition, we find that investors with higher levels of assets under management (AUM) are less likely to exhibit MLA compared to the lowest AUM quartile. [ABSTRACT FROM AUTHOR]