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題 名 | 認知偏誤與臺灣觀光類股的投資策略=Cognitive Bias and the Stock Investment Performance of Taiwan's Tourism Industry |
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作 者 | 練有為; 鄭素珍; | 書刊名 | 臺灣企業績效學刊 |
卷 期 | 8:2 2015.06[民104.06] |
頁 次 | 頁121-139 |
分類號 | 563.54 |
關鍵詞 | 共整合分析; 誤差修正模型; 程式交易; 可用性偏誤; Cointegration analysis; Error correction model; Program trading; Availability bias; |
語 文 | 中文(Chinese) |
中文摘要 | 陸客來台觀光已成為我國重要觀光來源,為探討近年開放陸客來台觀光之政策改變對觀光產業投資績效之影響,由於經濟模型很難把情緒因素納入(Shiller, 2000),因此本研究改變傳統的(數理經濟模型)分析方式,採實驗設計的方式,將不同的參考指標作為對照組,用以檢驗參考指標的差異是否會造成投資績效的不同,樣本資料係採用2009 年8 月15 日至2015 年2 月9 日觀光類個股、觀光加權指數和寶滬深ETF(0061)之股價資料來測試兩個假設,結果證實本研究之假說:台灣觀光類股價運行的投資行為,確實存在正反饋交易行為模式和可用性直覺法則之認知偏誤行為模式。 |
英文摘要 | Mainland China is the most important sources of tourism for Taiwan in recent years. The purpose of this paper is to investigate the stock investment decision-making of tourism industry under policy change. Since the economic model is very difficult to incorporate emotional factors (Shiller, 2000), we change the traditional (mathematical economic models) analytical methods to employ experimental design approach to adopt different reference index as a control group, to test whether the difference in the reference index will cause the investment performance of different. Adopting the stock prices of tourism industry of Taiwan, Weighted tourism industry sector index (2700) and CSI ETF (0061) from Aug. 15, 2009 to Feb. 9, 2015, we use program trading to test two hypotheses. It shows that the investment behavior of positive feedback trading and cognitive bias of heuristics of availability do exit in the stock market of Taiwan's tourism industry. |
本系統中英文摘要資訊取自各篇刊載內容。