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投資人情緒、行為偏誤與股票報酬之關係：台灣對金融海嘯的反應 = A Fu...

國立高雄大學金融管理學系碩士班

投資人情緒、行為偏誤與股票報酬之關係：台灣對金融海嘯的反應 = A Further Look at the Interrelationship among Investors' Sentiments, Behavioral Pitfalls, and Stock Returns: Taiwan's Response to the Financial Tsunami

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	A Further Look at the Interrelationship among Investors' Sentiments, Behavioral Pitfalls, and Stock Returns: Taiwan's Response to the Financial Tsunami
作者:	陳珊珊,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	民99[2010]
面頁冊數:	137面圖，表 : 30公分;
標題:	金融海嘯
標題:	Financial Tsunami
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/77677477947738750347
摘要註:	本研究旨在探討當主管機關在全球金融海嘯期間推出護盤措施時的投資人情緒、行為偏誤與股票報酬之關係，以及調查投資人是否出現依循其過去經驗的學習行為？相對於早期相關文獻，本研究的特色有三：首先，除了探究早期文獻鮮少調查的「投資人情緒與行為偏誤」之關聯性外，我們也採用比早期文獻更多的投資人情緒指標與行為偏誤代理變數來進行實證分析。其次，為了避免投資人交易帳戶資料難以取得的問題，本研究利用股市的公開資訊從事行為偏誤傾向的調查。最後，我們利用Chang (2010)的「修正後強化學習模型」來解釋金融海嘯期間內的投資人學習行為。本文實證結果發現，主管機關於全球金融海嘯期間內所實施的護盤措施反而招致負面效果，而且研究期間內的投資人情緒、行為偏誤與股票報酬呈現密切的連動性。另外，投資人在全球金融海嘯期間內不但具有學習行為，而且他們趨避過去厭惡結果的傾向比重複過去喜愛結果的傾向更為明顯。 This study aims to explore the interrelationship among investors' sentiments, behavioral pitfalls, and stock returns, and to examine whether investors exhibit learning behavior based on their own historical experience when the authorities take the stabilization measures during the financial tsunami. In contrast to previous literature, there are at least three different aspects in this study: First, in addition to the relationship between investors' sentiments and behavioral pitfalls that previous studies pay less attention to it, this study has more investors’ sentiment indicators and more behavioral pitfall proxies in comparison with previous literature. Second, this study uses market observation information to investigate the tendency of behavioral pitfalls in order to avoid the difficulty in acquiring the data of investors’ trading accounts. Finally, this study applies the revised reinforcement learning argument of Chang (2010) to justify investors’ learning behavior during the financial tsunami. The empirical results reveal that the stabilization measures took by the authorities during the financial tsunami trigger the counter effect toward their objective, and there is high interdependence among investors' sentiments, behavioral pitfalls, and stock returns during the research period. Besides, the investors’ behavior during the financial tsunami not only exhibits learning phenomena but also demonstrates that the tendencies of avoiding the unfavorable outcomes is more significant than those of repeating the favorable outcomes.

投資人情緒、行為偏誤與股票報酬之關係：台灣對金融海嘯的反應 = A Further Look at the Interrelationship among Investors' Sentiments, Behavioral Pitfalls, and Stock Returns: Taiwan's Response to the Financial Tsunami
陳, 珊珊

投資人情緒、行為偏誤與股票報酬之關係：台灣對金融海嘯的反應 = A Further Look at the Interrelationship among Investors' Sentiments, Behavioral Pitfalls, and Stock Returns: Taiwan's Response to the Financial Tsunami / 陳珊珊撰 - [高雄市] : 撰者, 民99[2010]. - 137面 ; 圖，表 ; 30公分.
參考書目：面.
金融海嘯Financial Tsunami

投資人情緒、行為偏誤與股票報酬之關係：台灣對金融海嘯的反應 = A Further Look at the Interrelationship among Investors' Sentiments, Behavioral Pitfalls, and Stock Returns: Taiwan's Response to the Financial Tsunami
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