Impact of involvement and the broker’s credibility on disposition effect

• Main Authors: Chia-ShengLin, 林家聖
• Other Authors: Min-Hsien Chiang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/65514357349336162507

碩士 === 國立成功大學 === 企業管理學系 === 102 === In recent years, behavioral finance gets more and more attention, there are many scholar have used different methods to verify and proof that the decision making and behavior made by people actually consistent with the previous assumption of economic and financial models, while in those study one of the most challenging academics that is the assumption that the decision and behavior made by people are rational. In the past, utility model assume that people are always being a risk averse whether they are facing the loss or profits situation. But in recent years, Scholar found there exist disposition effect in the decision-making made by people. Disposition effect refers to selling winners and riding losers behavior and decision making of people, such behavior reflects that people’s risk appetite will be changed when reference point changed. People are risk averse when they face with the profits made, while they change into risk lovers when they facing with the risk of loss. In recent years, scholars keep work through empirical and experimental design to verified the disposition effect. In this study, a continuation of previous research results, and would like to explore whether due to join the three variables have a significant impact on the disposition effect, three variants are: (1) involvement, (2)broker’s credibility, (3) the trends of stocks, and the results show that the degree of involvement didn’t significantly affect on the disposition effect, and investors will have different effects on the disposition effect for trust of broker dealer and stocks trend.