| Summary: | 碩士 === 義守大學 === 管理科學研究所 === 92 === This paper documents that is the overreaction exist in the Taiwan stock market? To observe the whole period without January, and to examine whether the overreaction is exist in the Taiwan stock market. In the research, the Rune-Month special phenomenon in the Taiwan stock market has been proposed discussed and analyzed. In this article, the form July, the 78th year, to January the 93rd year was taken as the object of the research. And the result refers excessively responds excessively responds to the supposition of DeBondt and Thaler (1985), as well as influence in the January effect. The real diagnosis result points out the overreaction doesn’t exist in the Taiwan stock market, neither in the whole period nor in January. This also means that the Winner is always Winner and so is Loser.
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