政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/54551
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 114014/145046 (79%)
造訪人次 : 52051744      線上人數 : 672
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/54551


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/54551


    題名: 快樂編輯與投資人類型
    Hedonic editing and trader types
    作者: 朱孝宗
    貢獻者: 周冠男
    Chou, Robin K.
    朱孝宗
    關鍵詞: 行為財務
    展望理論
    快樂編輯
    Behavioral Finance
    Prospect Theory
    Hedonic Editing
    日期: 2011
    上傳時間: 2012-10-30 11:20:56 (UTC+8)
    摘要: Hedonic Editing is a theory of behavioral finance based on prospect theory, attempting to predict whether individuals would segregate or integrate multiple outcomes to achieve to highest perceived value. We test the theory by an actual market data in Taiwan Futures Exchange. If the hypothesis holds, we should observe that investors would integrate losses more frequently than gains and integrate smaller losses with larger gains rather than the other way around. However, results do not support the hypotheses totally. We further test the theory by different trader types. Results show that domestic individuals exhibit the strongest biases of hedonic editing, followed by domestic corporations, and foreign institutions.
    參考文獻: Barber, B.M., T. Odean, 2000, “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Journal of Finance, 55, 773-806.
    Barber, B.M., Y.T. Lee, Y.J. Liu, and T. Odean, 2008, “Just How Much Do Individual Investors Lose by Trading,” Review of Financial Studies, 22, 609-632
    Dhar, R. and N. Zhu, 2006, “Up Close and Personal: Investor Sophistication and the Disposition Effect,” Management Science, 52, 726-740.
    Chou, Robin K., and Yun-Yi Wang, 2011, "A Test of the Different Implications of the Overconfidence and Disposition Hypotheses," Journal of Banking and Finance, 35(8), 2037-2046.
    Chou, Robin K., and Yun-Yi Wang, 2009, "Strategic Order Splitting, Order Choice and Aggressiveness: Evidence from the Taiwan Futures Exchange," Journal of Futures Markets, 29(12), 1102-1129.
    Chou, Robin K., Yun-Yi Wang, and Xuemin Yan, "Trader Types and Consequences of the Disposition Effect,"(Working Paper) National Chengchi University.
    Feng, Lei, and Mark S. Seasholes, 2005, “Do Investor Sophistication and Trading Experience Eliminate Behavioral Biases in Financial Markets?” Review of Finance, 9(3), 305-351.
    Frino, A., D. Johnstone, and H. Zheng, 2004, “The Propensity for Local Traders in
    Futures Markets to Ride Loses: Evidence of Irrational or Rational Behavior?”
    Journal of Banking and Finance 28, 353-372.
    Garvey, R., A. Murphy, and Fei Wu, 2007,”Do Losses Linger? Evidence from Proprietary Stock Traders,” Journal of Portfolio Management, 33, 75-83.
    Harris, L., 1988, ‘‘Predicting Contemporary Volume with Historic Volume at Differential Price Levels: Evidence Supporting the Disposition Effect,” Journal of Finance, 43, 698-699
    Kahneman, D., and A. Tversky, 1979, “Prospect Theory: Analysis of Decision under Risk.” Econometrica, 47, 263–291.
    Lehenkari, M., 2009, “The Hedonic Editing Hypothesis: Evidence from the Finnish Stock Market.” The Journal of Behavioral Finance, 10, 9-18.
    Linville, Patricia, and Gregory Fischer, 1991, ‘‘Preferences for Separating or Combining Events,’’ Journal of Personality and Social Psychology, 60, 5–23.
    Lim, S. S., 2006, “Do Investors Integrate Losses and Segregate Gains? Mental Accounting and Investor Trading Decisions.” Journal of Business, 79, 2539–2574.
    Lockea, Peter R., and Steven C. Mannb, 2005, “Professional trader discipline and trade disposition,” Jouranl of Financial Economics, 76, 401-444.
    Odean, T., 1998, “Are Investors Reluctant to Realize Their Losses?” Journal of Finance, 53, 1775–1798.
    Read, D., G. Loewenstein, and M. Rabin, ”Choice Bracketing,” (Working Paper) Carnegie Mellon University.
    Thaler, R.H., 1985, “Mental Accounting and Consumer Choice.” Marketing Science, 4, 199-214.
    Thaler, R.H. and E.J. Johnson, 1990, “Gambling with the House Monet and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice.” Management Science, 36, 643-660.
    Lakonishok, J., and S. Smidt, 1986, “Volume for Winners and Losers: Taxation and Other Motives for Stock Trading,” Journal of Finance 41 (4), 951-974.
    Scherbina, Anna, and Li Jin, 2005. “Change is Good or the Disposition Effect Among Mutual Fund Managers,” (Working Paper) Harvard University.
    Shefrin, H. and M. Statman, 1985, “The Disposition to Sell Winners too Early and Ride Losers too Long: Theory and Evidence” Journal of Finance, 40, 777-790.
    描述: 碩士
    國立政治大學
    財務管理研究所
    99357018
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099357018
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    index.html0KbHTML2187檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋