頁籤選單縮合
題 名 | 臺灣存託憑證市場之從眾行為=Herding Behavior in Taiwan Depositary Receipt Market |
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作 者 | 劉清標; 謝和原; | 書刊名 | 商管科技季刊 |
卷 期 | 14:3 2013.09[民102.09] |
頁 次 | 頁357-376 |
分類號 | 563.538 |
關鍵詞 | 臺灣存託憑證; 從眾行為; Taiwan depositary receipt; Herding behavior; |
語 文 | 中文(Chinese) |
中文摘要 | 本文探討台灣存託憑證(TDR)市場投資人的從眾現象,尤其是機構投資人投資 決策的從眾行為,實證結果發現,專業機構投資人具有從眾行為,並且於賣出TDR 時的從眾程度高於買入TDR時。另外在產業與國籍分析方面,機構投資人對非電子 產業TDR與非台商TDR具有程度較高之從眾現象,而在TDR交易特性上,機構投 資人之從眾行為分別與TDR之市場價值規模與交易週轉率有顯著的正向關係。 |
英文摘要 | This paper examines the herding behavior of investors, specifically the institutional investors, in Taiwan depositary receipt (TDR) market. We find that the institutional investors display significant herding behavior with a higher degree as they sell TDR than as they buy TDR. Furthermore, in the analysis of industry and nationality, we find that the institutional investors show a higher degree of herding behavior in non-electronics TDR and TDR issued by non-Taiwanese owned companies. In characteristic analysis, the herding behavior of the institutional investors positively relates to the market value and the turnover rate of TDR, respectively. |
本系統中英文摘要資訊取自各篇刊載內容。