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    ASIA unversity > 管理學院 > 經營管理學系  > 期刊論文 >  Item 310904400/18400


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/18400


    Title: 台灣散戶投資者資訊串流行為之分析
    Authors: 張少樑;Shao-Liang Chang;陳益壯;Yih-Chaung Chen;江啟正;Chi-Chen Chiang
    Contributors: 經營管理學系
    Keywords: 社群認同;資訊串流;報償外部性;localized conformity;information cascades;payoff externality
    Date: 2010-12
    Issue Date: 2012-11-26 12:48:09 (UTC+8)
    Abstract: 社群認同與模仿係社會觀察學習的常態,本文由投資者行為面觀點出發,採用結構方程模式及跨群體檢驗,探討散戶在台灣股市的決策行為及其績效表現,結果發現:投資者存在明顯的資訊串流現象,期待正向報償外部性與劣質訊息匯集等特性,新手與老手投資行為呈現明顯之差異,投資績效的表現產生訊息矛盾性。

    Localized conformity has been recognized as one of the norms of social learning. Based upon the observations of investors' behavior in Taiwanese stock market, this article adopted structural equations modeling and multi-group testing to explore individual investor's decision-making process and related performance. It was concluded that the phenomena of information cascades do exist in investor's decision-making process, so do the positive payoff externality as well as poor information aggregation. Differences in information preference and the effects of information cascades were also found between experienced investors and new comers. Finally, the paradoxicality was observed in the study, which states that, due to poor information aggregation, information cascades would not necessarily lead to more accurate investment decisions.
    Relation: 朝陽商管評論,9(2),89-107.
    Appears in Collections:[經營管理學系 ] 期刊論文

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