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| 研究生： |
陳怡君 |
|---|---|
| 論文名稱： |
前期損益對投資人風險行為的影響 The effects of prior gains and losses on investors' risk taking behavior |
| 指導教授： | 周行一 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2010 |
| 畢業學年度： | 98 |
| 語文別： | 英文 |
| 論文頁數： | 34 |
| 中文關鍵詞： | 行為財務學 、風險行為 |
| 外文關鍵詞： | behavioral finance, risk taking behavior |
| 相關次數： | 點閱：88 下載：9 |
| 分享至: |
| 查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
Studies showed that prior outcomes do influence current decisions while we are interested in how prior performance affects individual investors’ risk taking behavior. Tracking 2,947 individual investors’ transaction in Taiwan Top50 Tracker Fund from June 2003 till December 2006, our empirical results indicate both the former risk taking and prior profits have significant influences on individual investors’ later risk taking behavior. We find a positive relation between later risk taking and prior gains but a negative relation between later risk taking and prior losses. Furthermore, according to the amount of prior gains and losses, we find those who experience large sum of gains or losses take far higher risks than those who have modest prior gains or losses.
CHAPTER 1 INTRODUCTION...............................1
CHAPTER 2 LITERATURE REVIEW..........................5
2.1 THEORIES OF DECISION MAKING UNDER RISK.....5
2.2 FRAMING AND MENTAL ACCOUNTING..............6
2.3 INFLUENCES OF PRIOR OUTCOMES...............8
CHAPTER 3 DATA AND METHODOLOGY......................11
3.1 DATA......................................11
3.2 METHODOLOGY...............................12
CHAPTER 4 EMPIRICAL RESULT..........................15
4.1 SUMMARY STATISTICS........................15
4.2 REGRESSION RESULTS........................17
4.3 SORTING...................................18
CHAPTER 5 CONCLUSION................................20
REFERENCES...........................................22
TABLES...............................................24
FUGURES..............................................30
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