| Summary: | 碩士 === 中原大學 === 會計研究所 === 98 === Both domestic and international research literature have found that investors with the tendency of disposition effect when making investment decisions; that was selling winning stocks too quickly and holding losing stocks for too long, but these kind of research methods were using archival data and the test results were most of the market level, not directly verify the decision of the personal aspect. Therefore this study is in better internal validity of the experimental method. In addition to test whether investors tend to disposition effect or not, the research entered the market trends and information disclosure variables for the analysis between the three.
The questionnaire used 2 * 2 * 3 between-subjects design, subjects were for four domestic university students. Dependent variable of investors will sell since an independent variable of current stock position (hold winners, hold losers), the market trend (bull market, bear market) and information disclosure (non-disclosure, less-disclosure, more-disclosure), the sample data using T test and ANOVA for examination.
The results show that investors have disposition effect. In bull market, investors who holding winning will be more likely to sell the stock; in bear market, the investors who holding losses will be more likely to continue to hold shares. In addition, it will reduce the disposition effect of investor behavior when the increase in disclosure of information to investors.
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