The effect of investors’ emotion on the stock index

• Main Authors: Chung-Ming Liao, 廖崇閔
• Other Authors: Jen-Hung Wang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/54584571630789845624

碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 102 === The emotional reaction reflects on stock index after investor trade caused stock price change through tunneling behavior is the main focus of this research, correspond with classical conditioning、operant conditioning and anchoring effect in psychology to analyze the relationship between stock index and every technical index. This research is using return of 3MA、return of 5MA、return 10MA、volatility of OSC, volatility of 9D, volatility of 3-17RSI, return of Taiwan stock indices as analysis variables by going through stepwise regression, and by eliminating return of 3MA, volatility of OSC, volatility of 3-17RSI. It is found Granger causality test and return of Taiwan stock indices is indeed to be the cause. Actual evidences have concluded the initial investor emotion was triggered by stock price. Under imbalance information gathering, the ripple effect of stock price manipulation in order to obtain capital gain by tunneling behavior can be found through the rise and down of investor effective index, it also proves the value of this thesis.