| 摘要(英) |
In 2020, the world was hit hard by the COVID-19 pandemic, which was a profound and far-reaching black swan event that severely impacted numerous industries. As the pandemic spread, it gradually affected not only East Asia but also the surrounding regions, Europe, the Americas, and various parts of the world. In such a challenging environment, how to approach investments became a thought-provoking question.
Investment analysis in the stock market primarily involves fundamental analysis, technical analysis, and stock stake holding analysis. This study focuses primarily on stock stake holding analysis, specifically utilizing the well-known next-day trading data from securities firms to explore the feasibility of predicting trading signals in the Taiwan stock market. Through the analysis of this data, we aim to gain insights into the future trends of individual stocks in the Taiwanese market, providing a reference for investment decisions.
The sample period for this study was from March 2, 2020, to July 1, 2020, covering a total of 83 trading days. Eight well-known next-day trading date was selected as the experimental group, while 15 non-well-known next-day trading date was chosen as the control group. Additionally, 16 listed biotech companies were selected as the basis for analysis. The objective of this study is to investigate the relationship between the subsequent impact of net buying and selling by well-known and non-well-known next-day trading data on stock price trends, as well as to examine whether there is a herding effect between the two groups.
The result revealed that the well-known next-day trading data from securities firms had a more significant impact on the subsequent stock price trends compared to the non-well-known next-day trading data. Furthermore, there is evidence of a herding effect between the two groups. The results indicated that higher buying and selling amounts in the well-known next-day trading data attracted more attention from investors and subsequently influenced the short-term stock price movements of individual stocks. |
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