This paper establishes the duration model by taking into account the inherent time and employing 310,000 transactions data censored for 4 mutual funds,and observes the disposition effect on the institutional investors.

• 本文建立既考虑“内在时间”(inherent tim e)影响,又处理了样本数据审查(censored)问题的持续期模型,采用4只投资基金的31万多帐户交易数据作为样本,系统研究了我国基金投资者的处置效应。