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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/34085
    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/34085


    題名: 投資人過度自信行為之研究:以初級市場為例
    作者: 林裕斌
    Lin, Yu-Pin
    貢獻者: 徐燕山
    林裕斌
    Lin, Yu-Pin
    關鍵詞: 行為財務學
    過度自信
    自我歸因偏誤
    競價拍價
    初級市場
    Behavior finance
    overconfidence
    self-attribution bias
    auction
    primary market
    日期: 2004
    上傳時間: 2009-09-17 19:25:29 (UTC+8)
    摘要: 本文利用國內投資人參與民國八十五年一月至八十九年四月間77家IPO競價拍賣的投標資料為樣本,來探討投資人過度自信以及自我歸因偏誤的情形。實證結果發現:過度自信假說於對個人投資人在初級市場的投資行為仍有適用,並且男女皆有過度自信的現象,但沒有足夠證據顯示男性較女性過度自信。最後當投資者上次報酬為正時,投資者會更積極的投標。而上次報酬為負時,對其下次投標標價的影響並不顯著。此點符合自我歸因假說的推論。
    參考文獻: 中文文獻:
    1. 周賓凰、池祥萱、周冠男、鞏怡霖,民國91年, “行為財務學:文獻回顧與展望”,證券市場發展季刊 14:2,1~47頁
    2. 陳虹霖,民國90年, “國內共同基金投資人過度自信行為之研究”,國立台灣大學財務金融學研究所碩士論文。
    3. 盧育明,行為財務學,商鼎文化出版社,台北 2003年一版。
    4. 龔怡霖,民國90年,“行為財務學:文獻回顧與未來展望”,國立中央大學財務管理所碩士論文。
    5. James Moniter著,郭敏華譯, “Behavioural Finance: Insights into irrational minds and markets”譯名:行為財務學,智勝文化,台北2004年一版。
    英文文獻:
    1. Barber, Brad M. and T. Odean, 2000, “Trading is hazardous to your wealth: The common stock investment performance of individual investors,” Journal of Finance, 55, 773-806.
    2. Barber, Brad M. and T. Odean, 2001, “Boys will be boys: Gender, overconfidence and common stock investment,” Quarterly Journal of Economics, 116, 261-292.
    3. Barber, Brad M. and Terrance Odean, 2001, ”The internet and the Investors,” The Journal of Economic Perspectives, 15, No. 1, 41-54.
    4. Barber, Brad M. and Terrance Odean , 2002, ”Online Investors: Do the Slow Die First?”, Review of Financial Studies, 15, 455-488.
    5. De Bondt, W. F. M., 1993, ”Betting on trends: Intuitive forecasts of financial risk and Return,” International Journal of Forecasting, 9,355-371.
    6. De Bondt, W. F. M. and R. H. Thaler, 1995, “Financial decision-making in markets and firms: A behavioral perspective.” Robert A, Jarrow, V. Maksimovic, and W.Ziemba, ed. : Finance, Handbools in Operations Research and Management Science, 9,385-410.
    7. Field, L. C., 1997, “Is institutional investment in initial public offerings related to the long-run performance of these firms?” Working paper, Penn State University.
    8. Fischhoff, B., P. Slovic and S. Lichtenstein, 1977,“Knowing with uncertainty: the appropriateness of extreme confidence,” Journal of Experimental Psychology: Human Perception and Performance, 1,288-299.
    9. Grossman, Sanford J., and Joseph E. Stiglitz, 1980, “On the Impossibility of Informationally Efficient Markets,” American Economic Reviews, 70, 393-408.
    10. Haugen, Robert A., 1999, “The inefficient stock market,” New Jersey, Prentice Hall.
    11. Kahneman , Daniel, and Amos Tversky, 1979, “Prospect theory: An analysis of decision under risk,” Econometrica, 47.2(March), 263-91.
    12. Kahneman, Daniel, and Mark W. Riepe, 1998, “Aspects of investor psychology”, Journal of Portfolio Management, 53-65.
    13. Meehan, Anita M., and Willis F. Overton, 1986, “Gender Differences in Expectancies for Success and Performance on Piagetian Spatial Tasks,” Merrill-Palmer Quarterly, 32, 1887-1934.
    14. Odean, Terrance, 1998b, “Volume, volatility, price and profit when all traders are above average,” Journal of Finance ,53, 1887-1934.
    15. Odean, Terrance, 1999, “Do investors trade too much?” American Economic Review, 89, 1279-1298.
    16. Philip J. Lee, Stephen L. Taylor, and Terry S. Walter, 1999, “IPO Underpricing Explanations: Implications from Investor Application and Allocation Schedules,” Journal of Financial and Quantitative Analysis, 34, 425-444.
    17. Ritter, Jay R., 1998, “Initial public offerings,” Contemporary Finance Digest, 2, 5-30.
    18. Shleifer, A., 2000, “Inefficient Market,” Oxford U. Press, Oxford.
    19. Simon Gervais and Terrance Odean, 2001, “Learning to be overconfident,” The Review of Financial Studies, 14, 1-27.
    20. Yenshan Hsu and Cheng-Yi Shiu, 2002, “IPO Underpricing and Information Proxy: A Note,” Journal of Financial Studies, Vol.10 No.3, 63-88.
    21. Yenshan Hsu and Cheng-Yi Shiu, 2004, “Information Content of Investors’ Bid in IPO Auctions: Evidence from Taiwan,” Journal of Financial Studies, Vol.12 No.1, 27-52.
    描述: 碩士
    國立政治大學
    財務管理研究所
    92357002
    93
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0923570021
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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