- “Several Academic experiments have demonstrated that for studied investors, a loss bothers them twice as much in absolute terms than the pleasure from an equal gain. An investor who loses $10,000 on a specific stock feels twice as much pain than if that person had $10,000 profit (reward) on the same exact investment.” Ricciardi, Victor, The Psychology of Risk: The Behavioral Finance Perspective. HANDBOOK OF FINANCE: VOLUME 2: INVESTMENT MANAGEMENT AND FINANCIAL MANAGEMENT, Frank J. Fabozzi, ed., John Wiley & Sons, pp. 85-111, 2008