促發效應對於投資者之投資決策的影響

Abstract

中文摘要

本研究是基於行為財務學中人是有限理性的基礎上，探討股市投資者在受到促發效應影響後，所產生的負面情緒如何影響其投資決策。本研究以經濟實驗的方式進行，實驗中我們選擇以顏色及詞語作為影響投資者的促發因子，並觀察實驗受試者在模擬交易中的交易行為。本研究以兩個變數作為主要的觀察變數，分別為投資者的交易次數以及交易股數。實驗結果顯示，接收促發負面情緒的處理（treatment）的投資者，相較於一般的投資者，會有更高的交易次數，意味著其交易頻率更高。

Abstract

This study is based on bounded rationality in behavioral finance. Our research explores how the priming effect affects the investment decision making of stock market investors through negative sentiments. We use an economic experiment in which colors and wording are used as primes, and we observe subjects’ investment decisions in a paper trading market in the experiment. We have two observation variables, namely the total number of transactions and the total number of shares traded of each subject. The experimental results show that subjects in the treatment with the negative primes have a higher total number of transactions, which means that their transaction frequency is higher.