| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士班 === 103 === This paper investigates the relation of magnet effect, various types of investors and the order strategy. Following Hsieh, Kim and Yang (2009), this study analyzes what types of investors are the source of magnet effect. Extended to different types of investors under order strategy, whether the impact on the magnetic effect. This study uses the logit regression model to examine the magnet effect with various types of investors. The empirical results shows, first, that the price limit acts as a magnet and further pushes the price even closer to the limit. Second, the price limit will affect the investors'' orders. When the price approaches to the price limit, investors become irrational, especially the individual investors. Third, the institution investors are at fall model, which magnet happens earlier than rise model .That shows the institution investors will be irrational when the price fall.
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