A STUDY ON HERDING BEHAVIOR BETWEEN FOREIGN INVESTORS AND INDIVIDUAL INVESTORS-TAKE INDIVIDUAL STOCK IN LISTING STOCK ELECTRONIC COMPANIES AS THE EXAMPLE

• Main Authors: TZENG, HONG-GUO, 曾弘國
• Other Authors: WU, RUEY-SHAN
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/63298407191569233225

碩士 === 國立臺北大學 === 企業管理學系 === 94 === The primary purpose of this research is take individual stock in listing stock electronic companies as the example, to study on herding behavior between foreign investors and individual investors, and whether investors have representativeness heuristic in the mind. In this study, we used “Vector Auto Regression Model” and “Granger Causality Test” to study on the relationship between foreign investors and individual investors buying and selling exceed, samples are selected from daily data, from January 1, 2005 to December 31, 2005, includes 247 trading days. The study concluded the following results: Individual investors buying and selling exceed on ACER plays follower roles, who follow foreign investor buying and selling exceed on FOXCONN, individual investors buying and selling exceed on ACER had herding behavior and representativeness heuristic. Foreign investors buying and selling exceed on FOXCONN plays follower roles, who follow individual investor buying and selling exceed on FOXCONN, foreign investors buying and selling exceed on FOXCONN had herding behavior and representativeness heuristic. Can adopt the operation of reverse strategy proposed in this research and make the investment in more rational. Individual investors buying and selling exceed on FOXCONN plays follower roles, who follow foreign investor buying and selling exceed on ASUS, individual investors buying and selling exceed on FOXCONN had anti-herding behavior. Individual investors buying and selling exceed on ASUS plays follower roles, who follow foreign investor buying and selling exceed on ASUS, individual investors buying and selling exceed on ASUS also had anti-herding behavior.Herding behavior and representativeness heuristic easier to make overconfidence investment, anti-herding behavior can get better reward.