A study of the Impact of Investors’Anxiety and Risk Preference on Trading Strategies and Investment Performance

• Main Authors: You Jing Siang, 游景翔
• Other Authors: Lin Jung Chuen
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/68486294642718645088

碩士 === 實踐大學 === 企業管理學系碩士班 === 97 === The subject of this research is mainly probing into the influence and the connection of investors' anxiety and risk preference on trading strategies and investment performance. Furthermore, we try to discuss whether individual anxious state and risk preference can affect the investment decision of selecting stocks and further influence the investment performance while making investment. This research relates to the Shih Chien university students who participated in the simulated investment contest as the main research objects, and uses their historical data to proceed with the empirical study. The analysis result and conclusions are as follows： 1.Concerning the influence of anxiety on the trading strategies, this research proves that the intensity of investor’s anxiety has apparent influence on the trading strategies when making its investment. The investors with high intensity of anxiety will select and adopt momentum strategies, and those with low intensity of anxiety will select and adopt contrarian strategies. 2.Concerning the influence of risk preference on the trading strategies, this research proves that the difference of investor's risk preference intensity has apparent influence on the trading strategies. The investors whose intensity of risk preference is high will select and adopt contrarian strategies, and those whose intensity of risk preference is low will select and adopt momentum strategies. 3.With regards to the influence of trading strategies on the investment performance, the sample data collected in this research - the investment performance acquired by the investors during the contest, shows that the investment performance of choosing momentum strategies is superior to that of selecting contrarian strategies. 4.As to the influence of changing the trading strategies caused by anxiety and risk preference on the investment performance, the empirical analysis of this research shows that, the trading strategies have mediate effects on anxiety and risk preference to the investment performance.