| Summary: | 碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 97 === This study discusses impacts of investor sentiment on disposition behavior. According to empirical result, investor’s optimistic sentiment is negatively related with the disposition effect, in other word, if an investor is more optimistic, he/she demonstrates than disposition effect. Based on the inclination of disposition effect, we find four difference disposition behavior patters: the traditional disposition effect, disposition inverse effect, symmetrical disposition and ostrich disposition, investor sentiment and disposition patterns exist high correlation. For example, investors of traditional disposition effect and ostrich disposition investors are more pessimistic than symmetrical disposition investors, and investors of disposition inverse effect are more optimistic than symmetrical dispostition. In additional, investors of difference disposition behavior patterns are more optimistic in bull market than in bear market. Among them, investors of disposition invese effect optimism and other types investors are significant difference, and investors of traditional disposition effect and ostrich disposition investors optimism are no difference alike change.
|
|---|
