| Summary: | 碩士 === 國立政治大學 === 經濟學系 === 97 === Heterogeneous beliefs, which revise the basic assumption of traditional asset pricing theory- Homogeneous beliefs,
study the impact on asset pricing by different information owned and referred by investors.
I use the model derived from Banerjee(2008)to estimate the degree how Taiwan investors will take into account stock prices when they make investment decisions. Also, I study how heterogeneous beliefs of investors influence stock prices and trading volume in Taiwan stock market, using predictions of external researchers as a proxy variable of dispersion in beliefs.
The empirical results show that the degree which investors take into account prices will be lower when a faster information flowing speed exists in Taiwan stock market.
When investors rely more on their private information,
their investment decision will become much diversified. Dispersion in beliefs has a positive influence on stock trading volume and return.
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