| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 105 === Past literature rarely explores the factors that affect overconfidence, mostly based on overconfidence behavior, and then infer the factors that affect the overconfidence, and most of the fund turnover rate as overconfidence agent variables. Therefore, this study based on the past literature, a systematic detection of various factors that may affect overconfidence of fund managers, and its integration into the following three aspects: fund level, fund manager level, fund manager company level, and then build New overconfidence indicators for writers in the future to use.
The empirical results show that factors of overconfident fund managers in Taiwan is only the past performance of fund, so this study only included in the fund's past performance of this influence factor, and then constructs the overconfidence index. On the other hand, since the effective overconfidence measure should have the characteristics of negative correlation with good performance of fund and herding in next-stage, this study is to test whether the new overconfidence index in the paper is superior to the traditional overconfidence index-turnover ratio of fund. Although two overconfident indexes are negatively correlated with the next performance of fund, the new overconfidence index in this paper has a high correlation. In addition, the study also found that the traditional fund turnover rate has no correlation with herding, and this new overconfidence index is significantly negative correlation. So the empirical results show that this new overconfidence index is more effective than traditional index-turnover ratio.
|
|---|
