The Impact of Investment Attributes of Taiwanese Investors on Stock Investment Behavior and Performance

• Main Authors: CHEN, GUAN-TING, 陳冠廷
• Other Authors: SHIH, YI-CHENG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/5f76s6

碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 106 === The data analysis of this thesis is based on 554 Taiwanese investors, considering their backgrounds, stock preferences, and profit and loss records from a leading financial broker in 2017. The thesis is based on investors’ backgrounds to analyze the differences among transaction frequency, transaction classification and profit and loss records of investors by t-test to evaluate the overconfidence, risk attributes and experience of investors. The findings are as follows: Analysis of Taiwanese investors based on the gender: (1) Transaction frequency for male may not be relatively higher than female. (2) Male prefer to invest in low-priced stocks. (3) There is no significant differences between male and female to invest in blue-chip stocks and speculative stocks. Analysis of Taiwanese investors based on the age: (1) Male with age above 66, and female with age above 56 have higher transaction frequency. (2) Age under 35-year-old and age between 36-45-year-old prefer to invest in mid-priced stocks and low-priced stocks. (3) Age under 35-year-old prefer to invest in blue-chip stocks. Age above 66 prefer to invest in speculative stocks. (4) Age above 66-year-old have higher odds of winning in investing in large-scale electronic stocks and small to medium-sized electronic stocks, and there is no significant differences in odds of winning for investing in financial stocks across different ages. Analysis of Taiwanese investors based on the marital status: (1) Transaction frequency with married male, married and single female are higher than single male. (2) There is no significant differences between married and single investors in investing stocks in terms of stock prices. (3) Single investors prefer to invest in blue-chip stocks. (4) Married male have higher odds of winning in investing in large-scaled electronics stocks; married and single female investors have higher odds of winning in investing in small to medium sized electronics stocks . Analysis of Taiwanese investors based on the gender, marital status, and age: (1) Age between 56 to 65-year-old unmarried male have higher transaction frequency than those age above 36-year-old married male. (2) Unmarried female with age above 66 have significantly higher transaction frequencies. Analysis of Taiwanese investors based on vocations: (1) Freelancers and retirees are generally with higher transactional frequencies, while people work in technology industry is with lower transactional frequencies. (2) Freelancers prefer to invest in high-priced stocks; people work in the service industry have preference for investing in mid-priced stocks; people who work in the administrative industry is preferred for investing in low-priced stocks; people who work in the technology industry, education industry, service industry, finance industry, and medical industry have preference for investing in mid-priced and low-priced stocks. (3) People who work in technology industry have preference in investing stocks in blue-chip stocks, and the speculative stocks are the favorites of the retirees. (4) There is higher odds of winning with financial stocks for those who work in technology, administration, education, and service industries.