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| 研究生： |
林倖如 |
|---|---|
| 論文名稱： |
過度自信與資訊不對稱 Overconfidence and Asymmetric Information |
| 指導教授： |
蔡錦堂
索樂晴 |
| 口試委員: | |
| 學位類別： |
碩士 Master |
| 系所名稱： |
科技管理學院 - 科技管理研究所 Institute of Technology Management |
| 論文出版年： | 2005 |
| 畢業學年度： | 93 |
| 語文別： | 中文 |
| 論文頁數： | 56 |
| 中文關鍵詞： | 過度自信 、行為財務學 、資訊不對稱 |
| 外文關鍵詞： | overconfidence, financial behavior, asymmetric information |
| 相關次數： | 點閱：2 下載：0 |
| 分享至: |
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過度自信是行為財務學用於解釋決策過程及投資行為中最常見的觀念，亦是許多行為財務學者十分關切的議題，更有學者認為過度自信是心理方面最禁得起考驗的發現。本研究試圖在市場存有資訊不對稱的情況下，從資訊交易者存有過度自信心理的角度出發，評估投資者行為模式，以求能更精確解釋投資人決策行為及市場異常現象。研究結果發現，當市場上資訊交易者愈多，且每個資訊交易者的過度自信程度愈高時，將會造成市場價格產生過度反應的比例增加、市場價格有更大的波動、資訊交易比例愈高。因此若要改善資訊不對稱問題、減緩資產價格的波動及市場的過度反應，應該要強化資訊披露，使得市場上存有過度自信心理的資訊交易者減少。本文以此提供政府為使市場更具健全性做一參考。
Overconfidence is the most common concept of behavioral finance to explicate the decision making and investment behavior, and it is also the conundrum cared by many financial savants. Furthermore, some savants imagine overconfidence is the most tested detection. This research intends to appraise behavior pattern of investors are overconfident informed traders under asymmetric information to find decision making of investors and anomalies more precisely. We show that when the numbers of informed traders increase, and the degree of overconfidence of informed traders are heavier, the market price will overreact more often, more volatile, and higher the probability of informed trading. This study also leads to policy improvement. The government should consolidate information disclosure to ameliorate asymmetric information, slacken the volatile of asset price and overreaction to deescalate the overconfident informed traders.
參考文獻
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