Value function in behavior of mutual fund investor

• Main Author: 楊仁佑
• Other Authors: 詹錦宏
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/79065927668796328560

碩士 === 長庚大學 === 企業管理研究所 === 92 === According to the value function from prospect theory, investors with prior gain are risk aversive, and become risk seeking after prior loss. The aim of the research is studied the character of reference point, risk preference and loss aversion of investors by the account data from a banking institution in Taiwan. Empirical results show that whatever reference point is, investors with prior gain are more conservation than those with prior loss. Most of the investors with prior gain chose mutual funds with higher return, but the investors with prior loss don’t. Such a result is different from our common sense. This paper can conclude that not only prior outcomes but also the other factors influent the subsequent decision of the investors.