| Summary: | 碩士 === 東海大學 === 財務金融學系 === 107 === Information disclosure is an important tool for managers to convey corporate performance and corporate governance to external investors. The higher the level of information disclosure, the lower the information asymmetry is.
The study includes Taiwan 50 Index from Jan. 1, 2014 to Dec. 31, 2017. The sample of the investors is divided into institutional investors and individual investors. First, we employ the disposition coefficient approach proposed by Weber and Camerer (1998) to test the disposition effect of all kinds of investors in the Taiwan stock market. Then, we use the results of the first to fourth corporate governance evaluation (2014-2017) and bid-ask spreads as the proxy variables of information disclosure to discuss whether information disclosure can reduce the disposition effect of investors.
The empirical results show that both institutional investors and individual investors have disposition effect and the disposition effect of individual investors is the strongest. Moreover, institutional investors and individual investors show the disposition effect no matter what degree of the results of corporate governance evaluation. Although institutional investors show that in high corporate governance evaluation company have the disposition effect, it fails to prove that sound corporate governance disclosure is better than that of unsound corporate governance after using Wilcoxon sign-rank test and T-test. Finally, investors have the disposition effect no matter what degree of bid-ask spreads they have. It also shows that institutional investors and individual investors have a strong disposition effect in highly bid-ask spreads companies.
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