臺灣博碩士論文加值系統

從眾意指某人的所作所為是追隨他人的舉動，即使其本身所擁有的資訊是持不同看法。本文探討台股的基金經理人在選股策略上，是依據自身的私有訊息交易還是追隨其他經理人的決策。研究期間為2002年1月至2007年12月，共採取183隻研究期間內曾經發行過的基金作為樣本。目的在於以相對多數的樣本數呈了更真實的市場交易情形，近一步證實了從眾行為的存在，此外更發現基金經理人在眾多經理人交易的股票、大公司規模的股票，與前期報酬最高與最低的股票上，有較高的從眾行為。這樣的現象可能使得公司價值短暫地偏離基本面，而從眾理論的建構補足了效率市場假說某部份的缺陷。

第一章　緒論 1
第一節　研究動機與背景 1
第二節　研究目的 3
第三節　研究架構 5
第二章　文獻探討 6
第一節　從眾行為之理論文獻 6
第二節　投資策略與績效之文獻 10
第三節　從眾行為之實證文獻 13
第三章　研究方法 17
第一節　資料來源 17
第二節　研究假說 20
第三節　從眾指標 21
第四章　實證分析 24
第一節　基金經理人投資在整體股票之從眾行為研究 24
第二節　從眾行為之穩健性分析 25
第三節　依據公司規模分類之實證分析 28
第四節　依據公司前期報酬之實證分析 31
第五章　結論 33

中文部份
1.杜樹森，機構投資人交易行為對股票市場之影響:以國內共同基金為例，國立政治大學財務管理研究所碩士論文，1995年
2.林伊玫，機構投資人從眾行為研究─以國內封閉式基金為例，國立中山大學企業管理研究所碩士論文，1996年。
3.呂素蓮、李世英、陳穎峰、黃義俊，共同基金經理人從眾行為之探討-以台灣股票型基金為例，創新、整合與應用研討會，2006年。
4.柯靜君，機構投資人從眾行為之研究─以國內共同基金為例，國立成奶j學企業管理研究所碩士論文，1998年。
5.郭效佩，共同基金群集行為及其對股價影響之研究，朝陽大學財務金融研究所未出版碩士論文，1999年。
6.羅巧紋，共同基金之慣性投資策略、從眾行為與操作績效關係之研究，輔仁大學管理學研究所碩士論文，1998年。
7.羅峻松，共同基金群集行為之研究，國立台灣工業技術學院管理技術研究所碩士論文，1997年

英文部分
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