中文摘要：

采用前景理论对处置效应的存在性和特征进行了解释。设定前景理论效用函数为分段常绝对风险厌恶（CARA）效用函数，在此基础上，构建的投资决策模型可以较好地解释处置效应。对模型的模拟分析表明：股票的超额收益率越高和波动率越高，处置效应越显著；投资者的交易频率越高，处置效应越不显著。

英文摘要：

This paper is concerned with the existence and characteristics of the disposition effect for investors using prospect theory and shows that the piecewise CARA utility function can predict the disposition effect. Simulation results show that, for stocks with higher expected return and volatility, there exists a prominent disposition effect and, for the investors trading stocks more frequently, the disposition effect in their behavior is less significant.