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研究生(外文):Wei-Ju Chen
論文名稱(外文):A Study of the Investors’ Behavior
指導教授(外文):Shih-Wei Wu
口試委員(外文):Wu-Chang Luo
外文關鍵詞:Over-confidenceBetter than average effectSelf-attributionFamiliarity
  • 被引用被引用:4
  • 點閱點閱:273
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效率市場假說在過去二、三十年間被眾多學者不斷的挑戰,而行為財務學(Behavioral Finance)用來解釋金融市場中的異常現象,認為投資人在金融市場中不是完全理性。而過度自信(Over-confidence)是行為財務學用於解釋決策過程,及投資行為中最常見的觀念。

The empirical and theoretical evidence of the efficient market hypothesis(EMH) has been challenged in the past two decades. Behavioural finance has developed as an approach to try to explain financial market anomalies from the EMH. Behavioural finance starts from the premise that in the real world investors do not follow the rational assumptions which underlie the EMH. Over-confidence explains the decision-making process and investment behavior in the most common concepts from behavioural finance.
This study mainly investigates the behavioral factors of the Taiwan stock market investors. Based on scholar studies and other literature with regard to over-confidence, ask this study question: Taiwan stock market investors is whether there is overconfidence? This study, using a sample of Taiwan, investigates three over-confidence theories: Better than average effect, Self-attribution and the Familiarity. Our results support the previous studies which suggest that investors are overconfident.

摘要 I
目錄 III
表目錄 V
圖目錄 VI
第一章緒論 1
1.1緒論 1
1.2研究動機與目的 3
1.3小結 3
1.4研究架構 5
第二章文獻回顧 6
2.1行為財務學之簡介 6
2.5熟悉效果(FAMILIARITY) 16
2.6公開與私人資訊 17
2.7小結 18
第三章研究方法 19
3.1研究架構與假說 19
3.2問卷設計、變數定義 20
3.2.1 基本資料 21
3.2.2 過度自信 21
3.2.3 優於平均 21
3.2.4 自我歸因偏誤 22
3.2.5 熟悉效果 22
3.3樣本收集 23
3.3.1研究對象 23
3.4資料分析方法與工具 23
3.4.1 前測問卷 23
3.4.2 次數分配 24
3.4.3 問卷信度分析 24
3.4.4 問卷效度分析 25
3.4.5 成對樣本t檢定 27
3.4.6 迴歸分析 27
第四章實證分析與結果 30
第一節樣本分析 30
4.1敘述性統計分析 30
一、 受訪者股票類型偏好之分配 33
二、 公開與私人訊息來源分配 34
4.2公開與私人訊息來源之資料分析 40
4.3相關性統計分析 42
第二節實證結果 43
4.4多元迴歸統計分析 43
第三節實證結果之彙整 46
第五章 結論與建議 48
5.1研究結論 48
5.2後續研究與建議 50
參考文獻 51
一、英文部份 51
二、中文部份 56
三、書籍部份 57
附錄 59

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