| 摘要(英) |
Taiwan′s securities market has always been dominated by retail investors. In addition, the Financial Supervisory Commission (FSC) authorized day trading in 2014, and offered a 50% reduction in transaction tax, which has stimulated retail investors to actively participate in Taiwan stock trading. However, as the COVID-19 pandemic broke out at the end of 2019, the Taiwan weighted index dropped to a new low of 8,523 on March 19, 2020, yet the number of new securities account openings hit a new high of 158,349 in March of the same year. In this thesis, based on a sample for the year 2000, I investigate whether traders suffer from disposition effect and overconfidence, and conduct statistical analysis on the performance of demographic variables (gender and age) and trading behavior variables (total number of trades per year and whether they engage in day trading). The results reveal that retail traders indeed suffer from the disposition effect and overconfidence; investors obviously tend to make small profits but lose big ones, and frequent trading is not beneficial to profits. |
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