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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 lo...
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ndltd-TW-098NCU053040332016-04-20T04:17:48Z http://ndltd.ncl.edu.tw/handle/46595547645104722073 none 以日內資料探討臺股期貨交易人之交易績效 Huai-ching Chiu 邱懷青 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. Cheng-yi Shiu Chung-da Ho 徐政義 何中達 2010 學位論文 ; thesis 52 zh-TW |
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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.
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Cheng-yi Shiu |
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Cheng-yi Shiu Huai-ching Chiu 邱懷青 |
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Huai-ching Chiu 邱懷青 |
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Huai-ching Chiu 邱懷青 none |
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Huai-ching Chiu |
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2010 |
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http://ndltd.ncl.edu.tw/handle/46595547645104722073 |
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