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股票特性如何影響投資人交易行為與心理偏誤？ = How do stock...

國立高雄大學金融管理學系碩士班

股票特性如何影響投資人交易行為與心理偏誤？ = How do stock characteristics influence investors' trading behavior and psychological pitfalls?

Record Type:	Language materials, printed : monographic
Paralel Title:	How do stock characteristics influence investors' trading behavior and psychological pitfalls?
Author:	張穎之,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	民100
Description:	87葉表格 : 30公分;
Subject:	股票特性
Subject:	Stock Characteristics
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/42154809889674769854
Notes:	參考書目：葉73-87
Summary:	本研究旨在探討投資人對不同特性股票的公平價格認知。相異於先前研究只偏重於某一特性股票的價格績效，本文同時探討不同特性股票的價格績效、投資人交易活動與心理偏誤。我們的實證結果發現好公司股票(成長型公司股票)不是好股票（具有較高報酬率的股票）；而且其價格績效顯著地不如價值型公司股票。相反地，樂透型股票的價格績效反而表現較佳。此外，「好公司股票是好股票的代表性捷思」與「影響性捷思」不但造成投資人頻繁地交易好公司股票，而且也明顯地影響他們對樂透型股票的交易活動。最後，心理偏誤方面的實證研究結果顯示，投資人在交易好公司股票時呈現賭徒謬誤；而在交易樂透型股票時產生過度自信及自我歸因謬誤。 The aim of this study is to investigate the investors' perception toward the fair price of the stocks with different characteristics. In compared with previous literature focused only on price performance of the stocks with a certain characteristic, this study examines the price performance, investors’ trading activities, and investors' psychological pitfalls for the stocks with different characteristics. Empirical results show that the stocks of good companies (the stocks of growth companies) are not the good stocks (the stocks with higher returns) and underperform the stocks of value companies. On the other hand, the lottery-type stocks have a better price performance than non-lottery-type stocks. Moreover, the representativeness heuristics that stocks of good companies are symbolic of good stocks and the affect heuristic not only cause the frequent transactions of the stocks of good companies but also influence obviously the investors' trading activities of lottery-type stocks. In the end, the finding regarding psychological pitfalls indicates that investors trading the stocks of good companies have the tendency of gambler's fallacy, and they are overconfident and self-attributed on the trade of lottery-type stocks.

股票特性如何影響投資人交易行為與心理偏誤？ = How do stock characteristics influence investors' trading behavior and psychological pitfalls?
張, 穎之

股票特性如何影響投資人交易行為與心理偏誤？ = How do stock characteristics influence investors' trading behavior and psychological pitfalls? / 張穎之撰 - [高雄市] : 撰者, 民100. - 87葉 ; 表格 ; 30公分.
參考書目：葉73-87.
股票特性Stock Characteristics

股票特性如何影響投資人交易行為與心理偏誤？ = How do stock characteristics influence investors' trading behavior and psychological pitfalls?
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