| Summary: | 碩士 === 中原大學 === 會計研究所 === 98 === According to the irrationality of efficient market hypothesis, behavioral finance integrates finance with psychology, trying to explain the anomalies of certain market. This study discusses when investors collecting relevant information, whether the investors’ decisions will be affected by order effect. This study also analyzed the influence of framing effect and regulatory focus to investment judgment, and examines whether recency effect can be affected by framing effect and regulatory focus.
The subject of experimental study targeted at senior students, graduate students, and adult students in “On-The-Job Master Program” from three business colleges. This study adapt a 2 (positive/negative vs. negative/positive) ×2 (favorable vs. unfavorable statement frame) ×2 (promotion focus vs. prevention focus) completely between-subject factorial design, and want to know how these three independent variables affect investors’ decisions.
The main findings are as follows：
(1) When presented with a mixture of information about a investment judgment, investor will be affected by the order of information presentation, and to bring recency effect.
(2) Investors’ belief on decision making will be affected by transforming statement frame of investment task, and that brings framing effect.
(3) Compared to the prevention focus investors, the promotion focus investors have more willing to change their investment will with the presentation of investment information.
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