Effect of the disposal of Banking

• Main Authors: TSAI,TSUNG-YUAN, 蔡宗園
• Other Authors: Dr. Wang,Chu-San
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/59301742034476955574

碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 104 === According to the traditional investment theory, efficient market hypothesis, EMH, the investor's investment strategy is consistent with rational behavior of all investments in the construction of all rational thinking for optimizing asset allocation. However, in the reality of the market, the EMH financial markets can not explain the existence of investment errors’ biases. For example, when investors hold a loss portfolio, even if the stock price is good, but eager to sell profitable portfolio to preempt the loss of part, showing a loss of earnings insurance phenomenon, the so-called disposition effect （disposition effect）. In our study hopes to explore whether Taiwan banks have the disposal effect, we implement the relevant empirical analysis easily to explore investment behavior, which can not be discussed in part by traditional rational investment theory. In our empirical results show that the smaller the volume of financial holding banks, the presence of significant disposition effect, and have a negative impact on the return on investment. There are several aspects of abnormal returns found: First, the the disposal effect is negative impact for the return on investment. Second, the low volume of investment group, the disposal effect of the negative impact of significant rewards in a large volume of investment group, just the opposite. Furthermore, the effect of the disposal of the more intense for performance may be worse, but whether the financial holding banks found that the effect of the disposal of non-bank financial holding higher than financial holding bank, the last foreign banks more than domestic banks have disposal effect.