碩士 / 國立虎尾科技大學 / 經營管理研究所 / 100 / The financial tsunami had ravaged the world in 2008, making the stock market tumbled and investors panic. During the financial tsunami, the sentiment will affect the rate of return and there existed disposition effect, which may cause by the indirect effect of overconfidence. In addition, after people have undergone bad experiences, their memories will be recollected when they encounter the same situation in the future. So after individual investors experienced substantial losses in the financial tsunami, if they meet a similar situation later, they will recollect their memory and miss interpret current situation. Therefore, this study employed an overconfidence model to investigate the overconfidence effect of Taiwan stock market and compare firms with different market value as well. Our empirical result shows that Taiwan stock market do exist overconfidence effect, both before and after the financial tsunami. For the comparison of different market value, the low market value firms show relatively overconfident than the high market firms. Moreover, the investors have more overconfident during the bull market than the bear one for all of the firms with different market value. In addition, the investors show higher overconfident when the rate of return of last week is higher. Finally, by compare these three periods, it shows the investors have the experience effect after experienced the financial tsunami.
| Identifer | oai:union.ndltd.org:TW/100NYPI5457039 |
| Date | January 2012 |
| Creators | Chen-Ning Chen, 陳振甯 |
| Contributors | Chilin Lu, 呂麒麟 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 91 |
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