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AbstractWe provide further evidence for the existence of loss-aversion in a high-stakes context: professional tennis. Our contribution to the literature is threefold: (1) We provide a theoretical framework as a basis of our investigation, (2) we test the predictions of our model by using a novel dataset for both male and female players from the Dubai Tennis Championships 2013 that not only includes the serve speed but also the serve location, and (3) we employ semiparametric Additive Mixed Models to include smooth one-, twoand three-dimensional interaction eects for modelling the serve speed and placement. By doing so, we provide additional evidence for the existence of loss-aversion for both males and females, but we show that loss-aversion kicks in much later for females compared to males. We also document that male players take more risks in the final, when the stakes are highest. Our results imply significant gender di↵erences for both risk-taking and loss-aversion.(3)