伍燕然、Yuan Li 、Zhongtai Li，“Empirical test of the hedonic editing hypothesis in mutual fund redemptions: evidence from individual account data”，The European Journal of Finance（ABS 3），published online: 11 Nov 2025, DOI: 10.1080/1351847X.2025.2585973

   ABSTRACT：This study utilizes account-level data from mutual fund investors to test the hedonic editing hypothesis through direct and indirect approaches. First, an empirical analysis of redemption behavior among Chinese mutual fund investors confirms the hedonic editing hypothesis’s applicability in the Chinese market. Second, the study indirectly examines the impact of hedonic editing on investment decisions within a portfolio context, focusing on the disposition effect. Analysis reveals that while individual mutual fund investors exhibit a strong disposition effect, this tendency weakens when the overall portfolio is profitable or when other mutual funds are redeemed on the same day. These findings support the hypothesis that mutual fund investors adopt a broad decision-making framework and incorporate hedonic editing into their decision processes.