本論文以首次交易的經驗為出發點，探討首次交易之損益是否會影響後續交易行為。利用首次交易經驗的四個變數(報酬率、持有時間、是否為當沖和是否為多單)，檢視後續交易行為的兩個參數(後續20日之報酬率和後20日之週轉率)。 研究結果顯示，後續20日之報酬率和首次的報酬率有著負向的關係，說明投資人的行為的確會受到首次交易的好壞而受到影響，但其影響是反向的。在研究結果顯示20日後之週轉率和首次交易的持有時間也是呈現負向的關係，由此知投資人有認知失調與處分效果之推論，這可以說明是因為投資人如果首次交易績效欠佳，則會延遲結算期部位，所以與後續之週轉率呈現反向關係。 This thesis examines the effect of the first-trading experience on subsequent trading activities and performance. Specifically, I use four variables (dollars profit, duration, day-trade, long or short) related to investors’ very first trades and examine if they are related to subsequent trading performance and turnover over the following 20 trading days. The results show that the initial trading performance has a negative relationship with the subsequent 20-day return and turnover. This suggests that investors exhibit behavioral biases such as cognitive dissonance and disposition effect.
