11. (1 point) Investors who exhibit the disposition effect are:

(a) Reluctant to sell the past losers but willing to sell the past winners.

(b) Willing to sell the past losers but reluctant to sell the past winners.

(c) Reluctant to buy the past losers but willing to sell the past winners.

(d) Willing to buy the past losers but reluctant to sell the past winners.

12. (1 point) To quantify the disposition effect of an investor portfolio, it is necessary to

compute:

(a) Realized gains and realized losses.

(b) Realized gains or realized losses.

(c) Neither realized gains nor realized losses.

(d) None of the above.