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• Main Authors: Huai-ching Chiu, 邱懷青
• Other Authors: Cheng-yi Shiu
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/46595547645104722073

碩士 === 國立中央大學 === 財務金融研究所 === 98 === This paper investigate investment performance of all trading accounts in TAIEX futures market between June 2006 and December 2008, we analysis the influence of past trading activities to future performance. Our result indicates that institutional investors are long term winners because of information advantage. Among all types of investors, foreign investors earn the most, individual and company loss the most. Investors are usually overconfident, their frequent trading result in excessive transaction cost which harm net profit. The past losers would turn better in the next three months, they cumulated experience from trading and adjusted their behavior to improve profit, the dynamic empirical results indicate that TAIEX futures market exist learning theory. Furthermore, institutional investors and big players have high trading frequency, their superior performance encourage them to stay. Our evidence reveals that trading frequency, trading performance and survival ratio have positive relation.