| Summary: | 碩士 === 元智大學 === 資訊管理學系 === 94 === Traditional financial theory thinks that rational investors can deal with a large amount of investment information properly, and make the best investment decision, but investors will adopt several heuristics and the mechanisms filtered with information and help their process information to make the suitable investment decision. The behavior financial scholars find that investors will adopt attention, familiarity, and preferences to make the suitable investment decision. This research uses association rule to discover the security buying behavior of institutional (divided into proprietary trading desks, mutual funds, foreign investors, and other institutional investors) and individual investors in Taiwan, and they influenced by attention, familiarity, and preferences.
The research finds that the buying behavior of individual investors influenced by attention, and individual investors, proprietary trading desks, mutual funds, and foreign investors prefer firms with large trading volume and size. In addition, individual investors, proprietary trading desks, mutual funds, and foreign investors have positive feedback trading. Individual investors, proprietary trading desks, and mutual funds tend to buy the stocks with high turnover rate. The proprietary trading desks and mutual funds prefer firms that pay high dividends, and foreign investors averse to buy firms with no dividends. The proprietary trading desks, mutual funds, and foreign investors tend to buy the young stocks, besides foreign investors tend to buy the old stocks, too. Individual investors, proprietary trading desks, mutual funds, and foreign investors averse to buy the stocks with high price.
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