A Study of Professional Investment in Taiwan

• Main Authors: Chen-Wei Hsu, 許真維
• Other Authors: 郭震坤
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/20838978787974991309

碩士 === 國立臺灣大學 === 國際企業學研究所 === 101 === After financial tsunami in 2008, there is a myth on the contributions of financial advisers. This research attempts to measure the investment performance of Taiwanese individual investors and financial advisers by reference to the Kramer (2012) study. First, we compare the performances of advised investment using Jensen''s Alpha. Then we compare the performances between individual and advised using a revised Fama French three factor model. The findings show that advised investment in high-risk stocks will have better performance when the economy is stable. The results will help Taiwan investors judge the necessity of financial advisers and financial institutions measure its own performance.