個人投資者投資組合特性、行為及認賠出場因素之研究

A database of 13,370 mutual fund investors with 171,526 transaction records from
1996 to 2000 is utilized to investigate factors contributing to investors’ decision to sell
losers. Major findings are as followers:
1. The proportion of loss (gain) realized this month is negatively correlated to
the proportion last month, indicating that investors may have target ratios of
loss (gain) realizations.
2. Investors are less disposed when the stock market turnover ratio is high.
3. In the bull market, investors are more willing to sell losers when the market
price goes up. In addition, sell of winners increases when margin trading
increases.
4. In the bear market, investors realized winners more when short-selling
increases. However, they are not willing to sell losers. When the
economy recovers, investors become less disposed.
5. Females are more sensitive to economic conditions than their male
counterparts.
6. The domestic economic conditions will also influence investors’ selling
decisions of international funds.