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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/146598


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146598


    Title: 聚焦綠色投資與氣候變遷：美國 REITs 市場的從眾行為
    The Lens of Green Focus: Herding Behavior in the U.S. REITs Market
    Authors: 柯騰達
    Ke, Teng-Da
    Contributors: 林士貴
    朱芳妮
    Lin, Shih-Kuei
    Chu, Fang-Ni
    柯騰達
    Ke, Teng-Da
    Keywords: 房地產投資信託
    綠色投資
    從眾行為
    氣候變遷關切
    不確定性
    Real estate investment trust
    Green investment
    Herding behavior
    Climate change concerns
    Uncertainty
    Date: 2023
    Issue Date: 2023-08-02 14:10:54 (UTC+8)
    Abstract: 在媒體報導的推波助瀾下，越來越多的投資者因擔心錯過符合當前社會偏好的投資機會，紛紛湧入綠色金融市場。本研究旨在探討美國房地產投資信託 (REITs)市場中投資者的從眾行為及其與持續增長的綠色投資意識之間的關聯。利用時變的橫斷面絕對值變異數 (CSAD) 模型，我們發現從眾行為的強度會隨時間變化，在市場緩漲時逐漸累積，而在危機時期則會趨於減緩並表現出一些反從眾行為。研究結果顯示，氣候變化關切程度的提升會加劇從眾效應，而政策不確定性的增加則會減弱從眾行為。此外，我們還觀察到從眾行為與市場波動性之間呈現負向關係。同時，本研究還發現綠色資產波動度的衝擊會減輕從眾效應，並激勵投資者進入正向的社會學習過程。這些發現具有政策意涵，並彰顯綠色投資與氣候關切的實踐對於推動 REITs 的可持續發展的重要性。
    Under the influence of growing media coverage, more investors are jumping into the green investment bandwagon, driven by the fear of missing out on opportunities aligned with shifting social preferences. This study examines investor herding behavior in the U.S. REITs market and its association with the growing awareness of sustainable investing. Using a time-varying cross-sectional absolute deviation (CSAD) model, we find that the herding effect varies over time, accumulating during slow market upturns, weakening during crises, and exhibiting some instances of anti-herding behavior. Our findings suggest that climate change concerns amplify the herding effect, while policy uncertainty diminishes it. Additionally, we observe a negative correlation between herding behavior and market volatility. The study explores the impact of volatility spikes in green assets on investor behavior, mitigating the herding effect and promoting positive social learning. These findings have policy implications and highlight the importance of green investment and climate concerns in advancing the sustainable development of REITs.
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    Description: 碩士
    國立政治大學
    金融學系
    110352011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110352011
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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