Firm's Growth, Investor Sentiment and Overconfidence Phenomenon: Taiwan Evidence
| Autor: | Ya-Ru Yang, 楊雅鑐 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 In this dissertation we study the difference of overconfidence phenomena between the high and low growth firms by the measures suggested by Weber and Camerer (1998) and Tang(2013) etc. Furthermore, we also investigate whether these effects are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes all the companies listed in Taiwan Stock Exchange. The sample period is from December 2009 to December 2014. Our empirical results show that: First, the overconfidence phenomena exist in the high and low growth firms. Second, overconfidence phenomenon with optimistic sentiment is not less than those with pessimistic sentiment in both two kinds of firms. Finally, overconfidence phenomenon of high growth firms is not less than those of low growth firms no matter whether the investor sentiment is optimistic or pessimistic in that time. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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