The house money effect describes the psychological tendency of investors to become increasingly risk-seeking follwing prior gains.While previous empirical studies of house money effect are largely carried out through psychological experiments or individual investors trading account data,in this paper,by taking the behavior of the whole stock market as an entire entity,the daily return data from stock market of 14 representative countries or regions are used,and the TVRA-GARCH-M model is constructed to make an empirical research on the influence of prior outcomes to current risk attitude at the...
