Learning Effect of Individual Trading Experience in the Same Stock and Industry

• Main Authors: Ting-Keng Chen, 陳汀鏗
• Other Authors: Vivian W. Tai
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/40107364526689055004

碩士 === 國立暨南國際大學 === 財務金融學系 === 97 === Relative to viewpoint of portfolio in existing researches, we examine whether the individual investors could learn from trading experience of the same stock and industry to improve their trading behavior or performance in the future. The empirical results indicate that more trading experience in the same stock and industry of a individual investor, the more incentive to trade the same stock and the trading performance will be better. Our results support that there exists learning effect of individual investors in the same stock and industry. We also find that the learning effect of individual investor is decreased over time. Finally, after categorize by characteristics of investors and individual stock, we find that the learning effect is more significant in inactive investors than active investors. In addition, the learning effect of individual investor is more significant in small companies and non-electrical companies.