The disposition effect is the tendency of investors to sell stocks early when the price increases and hold stocks longer when this price decreases. As a consequence, investors may lose opportunities to gain greater profits from a stock winner whose price continues to rise; in contrast, they can suffer greater loss when the stocks continue to decline. The disposition effect is a phenomenon widely studied in behavioral finance. There are two main competing theories attempting to explain this phenomenon: the prospect theory and the regret theory. Although both theories give a fairly comprehensive explanation, they fail to take into account the motivation of investors in making investment decisions. This paper seeks to make a critical review of both of the main theories as well as provide a new explanation related to the motivation of investors from the perspective of the regulatory-focus theory. Regulatory-focus theory explains that individuals can be categorized into two groups, i.e. the prevention group and the promotion group. Regulatory-focus theory adds a more specific explanation that the disposition effect is more likely to occur in the prevention rather than the promotion group. The explanation of the disposition effect based on regulatory-focus -is a novelty in this paper.

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Human capital is the main element of the country’s national wealth. The purpose of the study is to develop methodological tools for assessing the effectiveness of the implementation of national projects and state programs in the field of healthcare as a tool for ensuring the development of Russia’s human capital. The developed methodological toolkit was tested on the data of the Federal State Statistics Service of the Russian Federation, financial authorities of Russia for 2019. Evaluation of the effectiveness of the implementation of national projects and state programs in the field of healthcare was carried out on the basis of the final standardized indicators of achieving the goal. The indicators take into account the immediate results of national projects, government programs, the financial potential of short-term and long-term healthcare financing in Russia. The use of such indicators makes it possible to classify regions with a high, satisfactory and unsatisfactory level of implementation of budgetary policy and develop measures aimed at understanding that the main value of the country is people.

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