| Summary: | 碩士 === 國立高雄第一科技大學 === 金融所 === 98 === Whether the risk does affect the investment decision has been the behavior finance attention focal point, using Taiwan stock index options data from 2002 to 2007, this study shows that people’s propensity to gamble and their investment decisions are correlated. At an aggregate level, individual investors relative institutional investors prefer options with lottery features. Using five methods that Kumar(2009) proposed to capture an investor’s preference for lottery-type Taiwan stock index options(TXO), some socioeconomic factors that induce greater investment in lottery-type Taiwan stock index options(TXO). In the time-series regression, the demand for lottery-type Taiwan stock index options(TXO) increases during economic downturns. Collectively, these results indicate that lottery-type Taiwan stock index options(TXO) attract very similar socioeconomic people, and economic environment influences lottery-type Taiwan stock index options(TXO) demand.
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