| Summary: | 碩士 === 國立彰化師範大學 === 企業管理學系 === 101 === This study applies 2476 transaction data from 38 valid accounts provided by a securities company in the middle of Taiwan for the period between January 2010 and November 2012. The results indicate that 58% transaction for the “profit a lot” group occur house money effect, and 52% transaction for the “loss a lot” group show negative gambling money effect (snake bite effect).
Overall, investors pay lots of attentions to their previous investment experience when they make investment decisions. It is also observed that the experience effect not only exists in investors’ mind but also appears in the stock market. Furthermore, this study finds that investors pay more attention to the rate of return when they earn little profits, but focus on the amount of return when they earn huge profits, indicating that there exists proportional bias among investors in Taiwan.
Keywords: experience effect, framing effect, proportional bias, stock market
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