碩士 / 國立中興大學 / 財務金融系所 / 99 / This paper mainly examines if there exist herding behavior in Taiwan Stock Market. The data in this paper begin on December 12, 2000 and end on December 31, 2010 from Taiwan Stock Exchange. We further investigate if the herding behavior increased in Taiwan Stock Market during financial tsunami. Than we examine how the herding behavior affect the performance of different investment groups.
There is strong evidence of herding phenomenon in Taiwan Stock Market even though Taiwan has been listed as a developed country. After we separated investors into five groups, we find security dealers and individual investor trade with the market conscious. And the herding phenomenon has intensified for all investors during the financial tsunami, except for mutual fund. From the relation between herding behavior and performance in all sample period, we find that, except for mutual fund, the herding behavior brings negative effect to performance for all investors. On the contrary, during the financial tsunami, the herding behavior brings positive effect to performance for institutional investors but negative effect for individual investors.
| Identifer | oai:union.ndltd.org:TW/099NCHU5304042 |
| Date | January 2011 |
| Creators | Yen-Cheng Shen, 沈彥丞 |
| Contributors | Chih-Yi Chi, 紀志毅 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 32 |
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