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研究生:阮彩靜
研究生(外文):Nguyen ThuThuy
論文名稱:Examining the effects of Behavioral Finance factors on Individual Investor Decision - The Case of Gold investors in Vietnam
論文名稱(外文):Examining the effects of Behavioral Finance factors on Individual Investor Decision - The Case of Gold investors in Vietnam
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際經營管理研究所碩士班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:108
外文關鍵詞:Negative thinkingCognitive dissonanceOverreactionHerding behaviorSpeculative psychologySpeculationIndividual investor decisionDecision-making
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Behavioral finance is the study of influence of psychology on the behavior of financial practitioners and the subsequent effect on market. It helps us explain “why” and “how” market might inefficient. This research examined the relationship among investor psychology, herding behavior, speculation psychology, and individual investor decision. Six hypotheses were tested using survey data collected from 303 individual investors in the Vietnam gold market. The result of this research indicated that negative thinking has a positive effect on cognitive dissonance, and overreaction. Moreover, cognitive dissonance has a positive effect on herding behavior. Besides, overreaction has a positive effect on speculation psychology. Finally, the finding showed that speculation psychology has a positive effect on individual investor decision.
TABLE OF CONTENTS
ABSTRACT I
ACKNOWLEDGEMENTS II
TABLE OF CONTENTS IV
LIST OF TABLES VII
LIST OF FIGURES VIII
CHAPTER ONE INTRODUCTION 1
1.1 Research Background. 1
1.2 Research Motivation. 4
1.3 Research Objectives. 7
1.4 Research Structure. 8
CHAPTER TWO LITERATURE REVIEW 10
2.1 Theoretical Background. 10
2.1.1 Standard Finance. 10
2.1.2 Prospect Theory. 11
2.1.3 Vietnamese Gold Market Overview. 12
2.2 Definition of Relevant Research Variables. 16
2.2.1 Negative Thinking. 16
2.2.2 Overreaction. 20
2.2.3 Cognitive Dissonance. 22
2.2.4 Herding Behavior. 24
2.2.5 Speculation Psychology. 26
2.2.6 Individual Investor Decision. 28
2.3 Hypotheses Development. 29
2.3.1 Negative Thinking and Cognitive Dissonance. 29
2.3.2 Negative Thinking and Overreaction. 30
2.3.3 Cognitive Dissonance and Herding Behavior. 32
2.3.4 Overreaction and Speculation Psychology. 34
2.3.5 Herding Behavior and Individual Investor Decision. 35
2.3.6 Speculation Psychology and Individual Investor Decision. 36
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 39
3.1 Conceptual Model. 39
3.2 Sampling Plan and Data Collection. 40
3.3 Construct Measurement and Questionnaire Design. 40
3.3.1 Construct Measurement. 40
3.3.2 Questionnaire Design. 47
3.4 Hypotheses to be Tested. 48
3.5 Data Analysis Procedures. 48
3.5.1 Descriptive Statically Analysis. 48
3.5.2 Interrelationship between Research Variables. 49
CHAPTER FOUR RESEARCH RESULTS AND DATA ANALYSIS 50
4.1 Descriptive Analysis. 50
4.1.1 Data Collection. 50
4.1.2 Characteristic of Respondents. 50
4.1.3 Measurement Results for Relevant Research Variables. 52
4.2 Structural Equation Modeling. 56
4.2.1 Inter-variable Correlation Matrix. 56
4.2.2 Confirmatory Factor Analysis. 58
4.2.3 Structural Equations Modeling. 66
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 72
5.1 Research Conclusions. 72
5.2 Practical Implications. 75
5.3 Limitations and Future Directions. 76
REFERENCES 78
APPENDICES 90
Appendix I: Questionnaire in English. 90
Appendix II: Questionnaire in Vietnamese. 98
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