在第一篇文章當中,我們論證了台灣選擇權市場的投資人交易行為符合Kahneman and Tversky (1981) 所提出來的框架效應. 更進一步, 我們發現投資人的專業程度, 交易複雜性, 與交易經驗能降低框架效應的行為偏誤. 在第二篇文章當中, 我們發現台灣選擇權市場投資人並無符合Thaler (1985) 所提出來的心理帳戶效應來編輯利得與損失. 但是對於混合利得與損失當中, 投資人仍有心理帳戶的現象來處理他們的選擇權部位. / In the first essay, we document support for the narrow framing effect proposed by Kahneman and Tversky (1981). Our findings that traders in an options market frame complicated investment decisions into the simpler ones support the narrow framing effect. Traders’ professionalism, sophistication and trading experience are negatively related with the degree of narrow framing, implying that these factors help to reduce investors’ behavioral bias. Our study bridges the gap between the psychological literature and financial literature in terms of the relationship between experience/sophistication and narrow framing. The results of this paper shed light on the decision-making process in an options market. In the second essay, complementary to Lim (2006)’s findings in regards to stocks market, we also claim that in a much more complex derivatives market, traders tend to frame gains and losses asymmetrically by editing or evaluating their outcomes into different accounts. Nevertheless, different from Thaler’s mental accounting theory (1985), we find investors are more susceptible to segregating losses and integrating gains when they liquidate their positions. Our empirical evidence shows that they also have asymmetry in the propensity to liquidate multiple options. The current study sheds a light on how investors perceive, categorize, evaluate and engage their outcomes in financial activities, in addition, under what circumstances investor integrate or separate their investment profits. The fact that investors’ responses to edit their outcomes vary across countries and securities markets highlights the complexity of human behavior and calls for further studies on a broader range of financial markets.

本文旨在研究我國銀行長期投資行為和短期投資行為是否會因其過去投資績效所影響，而有賭資效應、過度自信及心理帳戶假說所預期不理性之現象。另外，更進一步探究此三種心理偏誤對投資行為之影響，是否依銀行業務性質的不同而有所差異，因此，也將討論商業銀行和工業銀行之長、短期投資行為。使用1994至2007年的追蹤資料進行迴歸分析，其結果發現茲臚列於下。 1.在控制資金來源(負債)、資產獲利能力(資產報酬率和存放款利差)、股市榮枯以及過去持有的投資存量這些會影響銀行投資行為的因素後，發現前一季長期和短期投資績效愈好，當季銀行長期和短期投資行為就會承擔過多的風險而有賭資效應之現象；在投資績效分為利得和損失的設定下，銀行長期投資行為有賭資效應之傾向，而短期投資行為則否。再者，當銀行面對過去兩季長期投資績效皆為利得時，當季的長期投資風險態度更顯積極，因而銀行長期投資行為有過度自信的現象，而短期投資行為則否。最後，銀行在進行短期投資決策時，無法將前一季長期投資績效納入考量，表示銀行將短期投資視為一獨立帳戶，忽略長期投資的情況，不能綜觀全局，因此短期投資行為有心理帳戶所述現象，而長期投資行為則否。 2.為了釐清賭資效應、過度自信與心理帳戶這些心理偏誤對投資行為的影響，是否依銀行業務性質的不同而有所差異。因此，就銀行類別而言，本文發現商業銀行長、短期投資行為皆有賭資效應與心理帳戶偏誤；工業銀行長期投資行為有賭資效應及過度自信偏誤，短期行為則無任何心理偏誤。