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Title:	紀律與處置效果：以臺灣期貨市場為例 Discipline and Disposition Effect：Evidence from the Taiwan Futures Exchange
Authors:	盧逸唐 Lu, Yi Tang
Contributors:	周冠男 Robin K. Chou 盧逸唐 Lu, Yi Tang
Keywords:	紀律處置效果行為財務 discipline disposition effect behavioral finance
Date:	2015
Issue Date:	2015-07-14 10:37:29 (UTC+8)
Abstract:	Previous research suggests that the disposition effect is a costly behavioral bias. A study argues that market professionals usually use the term ‘discipline’ to indicate trading strategies that minimize the influence of the disposition effect. In this paper, we examine two hypotheses. First, we test whether discipline could minimize the influence of the disposition effect on trading performance among individual investors. Second, we examine whether the influence of the disposition effect on trading performance under different levels of discipline. Using the dataset from TAIFEX, we show that the discipline measurement we used is more suitable for professional investors than amateurs. Furthermore, we demonstrate that under different levels of discipline, the influence of the disposition effect on trading performance will be different. Investors who exhibit a high level of discipline and a low level of disposition effect tend to have better trading performance.
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Description:	碩士國立政治大學財務管理研究所 102357013 103
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0102357013
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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