A Study on the Disposition Effect of Elementary School Teachers

• Main Authors: Kuei-ying Su, 蘇桂瑩
• Other Authors: Fu-Min Chang
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/35498289917924583004

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 99 === Abstract Elementary school teachers are retail investors. Are their investment behaviors rational and profitable? Do they still have a non-rational disposition effect just like general retail investors? In this paper, by using descriptive statistics, regression analysis, and ANOVA analysis methods, we investigated that whether the investment behaviors of elementary school teachers have the disposition effect or not. We also studied that whether the investment behaviors of elementary school teachers endow with psychological bias, such as the endowment effect, silence costs, avoid regret, overconfidence, and mental account or not. Furthermore, we analyzed the differences of demographic variables on the disposition effect, the endowment effect, silence cost, avoid regret, overconfidence and mental account. The results revealed that the investment behaviors of elementary school teachers still have the disposition effect and their mentality are influenced by both overconfidence and avoid regret. For the differences of demographic variables on the psychological bias, overconfidence and frequency of transactions, operations, and surplus-deficit were presented the significant differences. The age belonged to the young elementary school teachers and the disposition effect of large loss and small gain were also presented the significant differences. The results of this study presented that it is not enough with the “knowledge" of financial management for elementary school teachers. They have to strengthen the concept of money management and the execution of Stop-Loss.