Bias of Investors and Stock Price Non-synchronicity

• Main Authors: Ya-Fang Hsiao, 蕭雅方
• Other Authors: 李家豪
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/whrcx5

碩士 === 國立臺中科技大學 === 財務金融研究所碩士班 === 106 === In the traditional efficiency market theory, the investor is rational and can collect information completely and freely. But in the current market, it considered that such a theoretical basis is violated and investors are irrational, which collect information requires cost. The investor will form bias of investors under incomplete information. This research will analyze the effects of investors and stock price non-synchronicity. The variables in this study were taken from the Taiwan 50 from 2007 to 2016 as the research object, and regression analysis was performed using the least square estimation. The empirical results show bias of investors have significant positive effect to the stock price non-synchronicity. This indicate when bias of investors increased, it will make the company unable to respond to unique information and make the price deviate from the basic value. The empirical results demonstrate the impact of institutional investors'' bias of investors on stock price non-synchronicity. The increase in the proportion of institutional investors can correct the deviation of the company''s stock price to reflect the company''s true and accurate information and improve investor investment performance. Finally, this research consider the foreign capital and stock prices non-synchronicity have significant positive effect, its cause the foreign capital has better information advantages. Therefore, it is recommended that investors can increase the company''s stock price discovery ability by observing the foreign capital market information and improve investor investment performance.