The disposition effect refers to the tendency of investors to sell winners too early and hold on to losers too long, which is one of the most documented and robust decision biases. However, few studies have looked beyond demographic and social factors on the disposition effect. The current study investigated the association between financial self-efficacy (one’s belief about their personal capability in ultimate financial goals achieving), versatile cognitive style (an individual’s capability in deploying the experiential or rational mode in ways (...) that are contextually appropriate), and the disposition effect. A total of 285 employees from finance-related business completed anonymous questionnaires regarding financial self-efficacy, rational-experiential inventory, and the disposition effect. Our findings revealed that financial self-efficacy was significantly and positively associated with versatile cognitive style and the disposition effect. Further, versatile cognitive style partially mediated the relationship between financial self-efficacy and the disposition effect. Our findings provide valuable guidance for individual investors to make financial decisions based on their characteristics. (shrink)

In his recent papers, Professor Yong Huang has been attempting to interpret the ethics of Zhuangzi from the perspective of patient moral relativism. Generally speaking, there are two sorts of moral relativism that are discussed in the contemporary philosophical literature: agent relativism and appraiser relativism. The former means that the moral judgments of rightness and wrongness of an action depend on the agent’s moral standards, while the latter considers the appraiser’s standards as the only criteria for assessing the moral appropriateness (...) of a certain action. In contrast to agent relativism and appraiser relativism, “patient relativism” advocates that whether an action is moral or not should be evaluated in... (shrink)

Let me begin by expressing my sincere gratitude to Professor Huang for his great work on the theory of patient moral relativism and to the editors of Philosophy East and West for giving me this opportunity not only to discuss my thoughts with Professor Huang but also to clarify and further develop my critique. In this reply, I shall focus on two things: first, I will briefly summarize and explain my ideas in my previous comment; second, I will tackle Huang’s (...) response in detail and discuss some points of disagreement.In “Is Zhuangzi a Patient Relativist?” I argue not only that the theory of patient relativism itself is problematic but also that it is inaccurate to interpret the Zhuangzi as espousing patient moral... (shrink)

Important strides have been made toward understanding the relationship between self-efficacy and life satisfaction. However, existing studies have largely focused on work and academic domains, leaving self-efficacy in the finance domain less frequently investigated. The present study applied the self-efficacy construct to the finance domain, namely “financial self-efficacy”, and tested the sequential mediating roles of high standards tendency and investment satisfaction in the relationship between FSE and general life satisfaction. A total of 323 employees from finance-related businesses completed anonymous questionnaires (...) regarding FSE, high standards tendency, investment satisfaction, and general life satisfaction. Results indicated that FSE influenced general life satisfaction through investment satisfaction, and sequentially through high standards tendency and investment satisfaction. These results provide contributions to the current literature on life satisfaction, and positive psychology literature by shedding light on the roles of high standards tendency and investment satisfaction in the relation between FSE and general life satisfaction. (shrink)