Stock Traders’ Level of Confidence, Herding Behavior and Trading Performance

• Main Authors: Zhi-Jun Wang, 王智濬
• Other Authors: Pi-Hsia Hung
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/38195826420409407069

碩士 === 國立暨南國際大學 === 財務金融學系 === 103 === We use data of Taiwan Stock Exchange to estimate the level of confidence and herding and detect the relation between confidence, herding and return. We find investors who have high level of confidence will more likely herd on specific stocks rather than market herding. The performances of high-level-confidence individual or institute investors are probably good or bad, though institute investors always have more information than individual. Stock herding and return have positive correlation. It indicates that herd on specific stock will be good for performance. Market herding at short term has bad performance, but it will reverse at long term.