Investors'' Decision Making in the Stock Market from the Behavioral Aspect
| Autor: | Chiang, Kan-Shih, 江侃士 |
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| Rok vydání: | 1994 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 82 The present study, borrowing insight from the abovementioned behavioral models, adds the author''''s several year observations of investors'''' behavior in the stock market to the pruposedly designed field survey aiming to the investigation of investors'''' risk attitude as well as their choice behavior. The results show: (1) A slim majority of respondents choose short term profit gain as their major investing motives. Most of them do not want to bear the risk of investment from borrowing fund other than their own money. (2) News and magazines are considered as the most important sources of information, so as their correctness be most trusted. Policy and financial news are listed as the mostvaluable informaiton for investment decision reference. Second to that is the fundamantal analysis. Both are highly regarded as to their correctness. (3) The majority of respondents prefer the less risky stock to the more risky one. However, respondents show reversed preferences when asked to state their reserved prices of bothstocks outnumbered those with coincident preferences. (4) About half of the respondents tend to be risk averse makingtheir buying decisions as well as profit gaining from selling stocks. The risk averse tendency decreases as the probability of gaining in the risky prospect increases. (5) Most of the respondents tend to be loss-averse when they have to choose the sure loss from the risky prospect. Framing effects were significant when the gain frame was in place of the loss frame. (6) When the probability of gain or loss equals, the ratio of anticipated up-side gain amount to down- side loss amount significantly influences the buying intention. When the ratio rises from 1:1 to 2.5:1, the number of desirable respondents doubles. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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