投資人情緒與關注度對於資訊性與非資訊性從眾行為之影響
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2023
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Abstract
本研究旨在探討台灣股票市場中的市場從眾行為，並分析投資人情緒和投資人關注度是否會對資訊性和非資訊性市場從眾行為造成影響。研究結果表明，台灣股票市場存在市場從眾行為，但並非嚴重，表示市場具有一定的效率性。非資訊性因素對市場從眾行為具有顯著影響，而資訊性因素則無顯著影響，顯示投資者的市場從眾行為主要是非資訊性的不理性行為。此外，投資者的情緒和關注度對市場從眾行為有顯著影響，投資者情緒會促進市場從眾行為，投資者關注度的增加則會導致嚴重的從眾行為。穩健性測試進一步驗證了這些結論的可靠性。總結而言，本研究提供了實證支持，證明了台灣股票市場存在市場從眾行為，且該行為受到非資訊性因素、投資者情緒和關注度的影響。這些結果對投資者和決策者在股票市場中的行為和策略具有重要的啟示作用。
The research is to explore the market herding behavior in the Taiwan stock market and analyze whether investor sentiment and investor attention have an impact on informational and non-informational market herding behavior. The research result indicates that there is herding behavior in the Taiwan stock market, but it is not significant, implying that the market has a certain level of efficiency. Non-informational factors have a significant impact on market herding behavior, and informational factors have no significant impact, it is shown that investors’ market herding of irrational behavior is primarily comes from non-informational. Moreover, investor sentiment and attention have a significant impact on market herding behaviors. Investor sentiment can promote market herding behavior, while investor attention could lead to severe market herding behavior. The robustness test further verifies the reliability of these conclusions. In conclusion, this research provides empirical evidence to support the presence of market herding behavior in the Taiwan stock market. The behavior is influenced by non-informational factors, investor sentiment, and attention. These results have important implications for investors and decision-makers for the behavior strategies in the stock market.
The research is to explore the market herding behavior in the Taiwan stock market and analyze whether investor sentiment and investor attention have an impact on informational and non-informational market herding behavior. The research result indicates that there is herding behavior in the Taiwan stock market, but it is not significant, implying that the market has a certain level of efficiency. Non-informational factors have a significant impact on market herding behavior, and informational factors have no significant impact, it is shown that investors’ market herding of irrational behavior is primarily comes from non-informational. Moreover, investor sentiment and attention have a significant impact on market herding behaviors. Investor sentiment can promote market herding behavior, while investor attention could lead to severe market herding behavior. The robustness test further verifies the reliability of these conclusions. In conclusion, this research provides empirical evidence to support the presence of market herding behavior in the Taiwan stock market. The behavior is influenced by non-informational factors, investor sentiment, and attention. These results have important implications for investors and decision-makers for the behavior strategies in the stock market.
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市場從眾行為, CSAD, 資訊性與非資訊性從眾行為, 投資人情緒, 投資人關注度, Herding, CSAD, Informational and Non-informational Herding, Investor Sentiment, Investor Attention