邱顯比2006-07-262018-07-092006-07-262018-07-092003http://ntur.lib.ntu.edu.tw//handle/246246/16276本研究利用由國內某知名基金公司所提供13,370 名基金投資人，1996 年至 2000 年共171,526 筆交易資料，探討影響投資人賣出有投資損失的基金之因素。主要結果如下：1. 本月實現獲利（損失）的比例與上月之實現獲利（損失）成顯著負相關， 顯示投資人可能有一目標比例。 2. 當股市週轉率高（市場熱絡）時，投資人較不會有急售利得，惜售損失的現象。3. 多頭市場時，加權指數報酬越高，投資人越不會惜售損失。此外，當融 資數增加時（市場氣氛樂觀），投資人急售利得的現象亦增加。 4. 空頭市場時，融券增加時（市場悲觀），投資人會急售利得落袋為安，但 另一方面卻不願認賠出場。當景氣燈號趨熱時（黃紅燈），投資人之惜售利得與損失皆顯著縮小。5. 各因素對男性與女性投資人之影響方向大致相同，但女性更為敏感。 6. 國內股市狀況與前景預期亦影響投資人投資國外基金之錯置行為。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.application/pdf79505 bytesapplication/pdfzh-TW國立臺灣大學財務金融學系暨研究所共同基金投資人錯置效果賣出輸家Mutual FundInvestorsDispositionSell Losersreporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/16276/1/912416H002030.pdf