... Investment Analysis and Portfolio Management 142 Hedging portfolios of shares using index options. Large investors usually manage varied portfolios of shares so, rather than hedging individual ... to take more risk. The investors are more likely to purchase higher-risk stocks after locking in gain by selling stocks at a profit. Investment Analysis and Portfolio Management 144 7. ... (2006). Do Investors Integrate Losses and Segregate Gains? Mental Accounting and Investor Trading Decisions. // Journal of Business, 2006, 79, p. 2539-2573. 11. Nofsinger, John R. (20 08) . The...