本研究探討台灣日股市中不同類型投資人的過度自信、私房錢效果以及損益兩平效果。研究樣本為2012年1月至2022年12月上市普通股的日交易資料。將投資人分為外資、自營商、投信與散戶。研究結果顯示，四種類型的投資人都表現出過度自信。外資、自營商與投信在獲利後表現出私房錢效果，而散戶的行為則更符合維持心情假說，在經歷獲利後變得風險趨避，在經歷損失後變得風險偏好。將過度自信的影響納入後，外資、自營商、投信與散戶均在獲利後有私房錢效果，且外資、自營商與散戶在損失後呈現損益兩平效果。顯示出過度自信對投資人承擔風險有正向的影響。

This study examine the overconfidence, house money effect and break-even effect of different kind of investors in Taiwan stock market. The data are the daily trading data of the listed common stock from 2012 January to 2022 December. We divide the investors into foreign capital, dealer, securities investment trust, and the individual investors. The results show that all the four types of investors are overconfident. Foreign capital, dealer, and securities investment trust exhibit house money effect after a gain. The behavior of individual investors is closer to mood maintenance hypothesis. They become risk averse after a gain, and become risk seeking after a loss. After including the effect of overconfidence, foreign capital, dealer, securities investment trust, and the individual investors all exhibit house money effect, and foreign capital, dealer, and the individual investors exhibit break-even effect. Overconfidence has a positive effect to the risk appetite of investors.

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