Reasearch on when people sell?

[Duck]

Are there studies on at what points people sell? I'll leave out the case when they have a profit because that seems like the harder case. The easier case is when they have a loss.

Is there anything indicating a recurring distribution over a number of cases? The obvious one would be a normal distribution where some people are out at 5 or 10%, the bulk are out at 40-60%, and few ride it down into oblivion.

Anything along those lines, preferably for free.