A Study on the Individual and the Institutional Investors’ Sentiment in Taiwan

• Main Authors: Yi-Ling Huang, 黃伊苓
• Other Authors: 趙莊敏
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/zyh4q6

碩士 === 國立臺北科技大學 === 商業自動化與管理研究所 === 97 === According to classical financial theory, individual investors tend to base their investment decisions on whether the invested target is capable of generating a future return exceeding the amount to be invested. An underlying assumption of the traditional theory, however, is that investors are believed to be rational; they would, for example, endeavor to reduce systematic risks by diversifying their investment portfolios. Beginning of the Taiwan stock market early in 2007, the confidence of investors as the global stock market performed well and the influx of foreign capital continuouly. This phenomenon incentive stock market and added investors of emotional. Followed by soaring international crude oil prices , raw materials prices and the presidential election is approaching and etc, stock market suffered the test. The data used in this study is observed from 2007 to 2008. The sample companies in this study are the stocks listed in the Taiwan 50 index and Taiwan 100 index .Survey data on investor sentiments such as pre- volume, pre-return, Consumer Confidence index, ISM index, CPI and WPI. This study applies OLS regression model to examine the relationship between the trading volume of individual investors and institutional investor and the emotional variables.