| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 91 === The purpose of this study is to capture the factors affecting fund investors’ behavior on selling and holding decisions. 13,370 mutual fund investors’ accounts are obtained from a famous securities investment trust company in Taiwan for the period from January, 1996 through 2000. The data set is partitioned by month, by the type of trade, by gender and by fund classification. Time series regressions are applied in this study.
There are some interesting findings from the empirical results. First, the behavior of dealing with gains and losses of an investor this time is influenced by his or her last experience. Second, regardless of gender, overconfident investors are less disposed to deal with their wins and losses. Third, even foreign fund investors take the state of the domestic economy into consideration when dealing with their winners and losers.
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