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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/17605

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/17605

    Title: The house-money and break-even effects on banks’ short-term investments: evidence from Taiwan’s banks
    Authors: 劉永欽;Liu, Yong-Chin
    Contributors: 財務金融學系
    Keywords: House Money Effect ; Break-Even Effect ; Behavioral Finance ; Loss Aversion ; Value at Risk
    Date: 2010-10
    Issue Date: 2012-11-26 10:37:41 (UTC+8)
    Abstract: To test the house-money and break-even effects of Thaler and Johnson (1990), this paper samples Taiwanese banks to examine whether prior short-run investment performance affects subsequent investment behaviors. The finding is that the afore-mentioned effects are empirically supported: past investment gains manifestly correlate with subsequent risk-taking; prior losses elicit increased subsequent risk, because banks are likely over-optimistic and overconfident of the break-even opportunity, even if their losses are large. Moreover, investment risks rise as prior gains increase; larger the preceding losses beget higher subsequent risks, yet the sensitivity of risks to small prior losses is greater than when prior losses are large. The aforementioned biased behavior is more pronounced for privately-owned banks. Consequently, banks still possibly demonstrate behavioral biases, even though they possess investment proficiency.
    Relation: 管理與系統 / Journal of Management & Systems
    Appears in Collections:[財務金融學系] 期刊論文

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