| Summary: | 碩士 === 中原大學 === 企業管理研究所 === 98 === Behavioral finance is to combine two areas of finance and psychology, being tried to explain the anomalies of real investment behaviors. Prospect theory is the most important theory of behavioral finance. This study discusses whether the investors’ investment behavior will be affected by framing effect and mental account.
The subject of experimental study targeted at student of EMBA. First, I design four basic cases（positive framing effect、negative framing effect、integrate small losses with larger gains、segregate small gains from larger losses）. I divide the probability and the ratio of the basic case into three kind of different extents. Finally, this study is designed to twelve experimental cases.
The main findings are as follows: In framing effect, the investors have negative framing effect, and their investment behaviors are not affected by difference of the probability. In mental account, the investors integrate small losses with larger gains, and their investment behaviors are affected by difference in the ratio.
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