Are market experts prone to heuristics, and do these heuristics transfer across buying and selling domains? We investigate this question using a unique data set of institutional investors with portfolios averaging $573 million. A striking finding emerges: While there is evidence of skill in buying, selling decisions underperform substantially, even relative to random-selling strategies. This holds despite the similarity between the two decisions in frequency, substance, and consequences for performance. Evidence suggests an asymmetric allocation of cognitive resources such as attention can explain the discrepancy: We document a systematic, costly heuristic process for selling but not for buying.

中文翻译：

---

卖得快，买得慢：启发法和机构投资者的交易表现

市场专家是否容易采用启发法？这些启发法是否会跨买卖领域转移？我们使用平均投资组合为 5.73 亿美元的机构投资者的独特数据集来调查这个问题。一个惊人的发现出现了：虽然有证据表明买入技巧，但卖出决策的表现却大幅不佳，即使相对于随机卖出策略也是如此。尽管这两个决策在频率、实质内容和绩效后果方面相似，但这一点仍然成立。有证据表明，注意力等认知资源的不对称分配可以解释这种差异：我们记录了一个系统的、成本高昂的销售启发式过程，但没有记录购买过程。