| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 96 === This study investigates the factors affecting investors’ stock selling decision. We classify the factors into two dimensions: the external environment and the stock characteristics factors. Our empirical results indicate that the external environment factors such as January effect, Taiwan index, and Dow Jones index are positively correlated with investors’ selling propensity and are significant. On the part of stock characteristics factors, we find that the past returns, holding period, reference price, and unrealized capital gain(or loss) are correlated with investors’ selling propensity and are significant. The evidence from the unrealized capital gain (or loss) also shows that investors tend to hold onto losing investments in the hope of a turn-around (disposition effect). However, we also find that the impact of disposition effect will reduce when investors’ level of wealth increases.
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