政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/4133

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政大機構典藏 > 商學院 > 財務管理學系 > 國科會研究計畫 > Item 140.119/4133

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4133

Title:	熟悉偏誤：市場法人與集團關係之研究(2/2)
Other Titles:	Home Bias for Group-Affiliated Financial Institutions
Authors:	劉玉珍
Keywords:	熟悉偏誤;過度自信;資訊不對稱 Home bias;Overconfidence;Information asymmetry
Date:	2003
Issue Date:	2007-04-18 16:41:45 (UTC+8)
Publisher:	臺北市：國立政治大學財務管理學系
Abstract:	本文針對集團所屬企業之券商是否存在熟悉偏誤進行研究，以提供過度自信與私有資訊假說提供實證證據。我們分析集團所屬企業之券商對於集團股票與非集團股票的交易，結果顯示集團所屬企業之券商有偏好交易集團股票的現象。本研究比較集團所屬企業之券商對於集團股票與非集團股票的交易利潤，結果發現後者的績效遠大於前者，而且當集團所屬企業之券商交易集團股票的獲利為負值。此一結果顯示集團所屬企業之券商對於集團股票的交易被非根基於私有資訊，反而集團所屬企業之券商對於集團股票所認為的資訊優勢容易導致該券商過度自信，支持熟悉偏誤假說。 This paper provides empirical evidence on overconfidence and information asymmetry by analyzing the trading preference of group-affiliated financial institutions. We examine the group-affiliated financial institution`s activities involving in group stocks and non-group stocks, documenting that there is a preference of traded for financial institutions. This study, then compare the trading performance for group-affiliated financial institutions involving in the trades on group stocks and non-group stocks, and we find that their trades on non-group stocks perform better than those on group stocks, and even more, the trades on group stocks are unprofitable. Our results indicate that their trades are not based on private information; instead, the information advantage of group stocks makes group-affiliated dealers overconfident, supporting the home bias hypothesis.
Description:	核定金額：741000元
Data Type:	report
Appears in Collections:	[財務管理學系] 國科會研究計畫

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