单选题

According to behavioral finance, observed overreaction in securities markets most likely occurs because of:

A、 gambler's fallacy.
B、 disposition effect.
C、 loss aversion.

【正确答案】 C

【答案解析】

According to loss aversion-related arguments in behavioral theories, investors dislike losses more than they like comparable gains. Thus, such a behavioral bias can explain observed overreaction in markets.