| Summary: | 碩士 === 中原大學 === 會計研究所 === 92 === The traditional financial theory is established on the hypothesis of investor’s risk adverse behavior. Kahneman and Tversky(1979) think that when investor faces the choice and the judgment, he will be influenced by his emotion. The research of financial behavior separates three parts: Heuristic-driven bias, Framing effect and inefficient market. (Shefrin,2000) “Overconfidence” means if the public information is the same of the privacy information, the man will have more confidence in his ability. On the other hand, ”Underconfidence” means if the public information is different from the privacy information, the man will have less confidence .
It is mainly based on householders in Taiwan’s <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> market, and the market still has much unreasonable financial behavior. The research will use Vector Auto-regression Model to analysis the relationship of return and different investor’s behavior. The major empirical results are follows: 1.Individual Investors will not follow the market return, and Individual investors does not have the overconfidence <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> behavior in the bull market and does not have the underconfidence <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> behavior in the bear market. 2. Foreign Investor’s judgment is not as well as Individual Investors, and <a href="http://www.ntsearch.com/search.php?q=Investment&v=56">Investment</a> <a href="http://www.ntsearch.com/search.php?q=Trust&v=56">Trust</a> has the press to invest the short-run <a href="http://www.ntsearch.com/search.php?q=security&v=56">security</a> .They still follow the market return .3.The householders are playing the followers on the bull and bear market .They will be influenced by the market .In the bull market, the householders have the overconfidence <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> behavior, and in the bear market, the householders have the underconfidence <a href="http://www.ntsearch.com/search.php?q=investment&v=56">investment</a> behavior.
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