A Study on the Herding Tendencies, Self - Control and Mutual Funds Investment Consistency

• Main Authors: Chen, Yan-Jung, 陳彥蓉
• Other Authors: Liao, Pei-San
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/72707272236804262325

碩士 === 輔仁大學 === 統計資訊學系應用統計碩士在職專班 === 105 === This study aimed to understand the risks surrounding mutual fund investors, and their psychological status, as well as the correlation between the risk level of the invested funds and their risk tolerance. To this end, a purposive sampling design was adopted and a survey conducted among adults with age above 20 years old in the Taipei metropolitan area who possessed mutual fund investment experience. Data from the 235 valid responses collected were analyzed through a frequency distribution, along with descriptive statistics, cluster analysis, correlation analysis, McNemar’s test, and Classification and Regression Trees (CART). The results showed that the respondents were predominantly divided into two groups: short-term and mid-to-long-term. The respondents in the first group had significantly less investment experience, with lower capital investments, and yet had higher differentiation in their fund preferences. In the group, we find people with robust risk preference more risky investment product than ones with aggressive risk preference. Respondents in the mid-to-long-term group and respondents who had previously invested substantial capital belonged to the aggressive category, among whom those with a herding tendency were more likely to select products with a lower return and a lower risk. An inconsistency between fund investors’ risk tolerance and the level of risk associated with their invested products was found to exist in Taiwan, and it is more prominent among short-term investors. Furthermore, investment experience was found to be the most important factor influencing the consistency between investors’ risk tolerance and the level of risks associated with the products invested.