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題名:天氣效應、市場情勢與臺灣投資人情緒之研究
書刊名:財金論文叢刊
作者:林育珊戴錦周 引用關係
作者(外文):Lin, Yu-shanDai, Jin-jou
出版日期:2013
卷期:18
頁次:頁36-54
主題關鍵詞:行為財務學天氣效應投資人情緒市場情勢Behavioral financeWeather effectsInvestor sentimentMarket situations
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:10
  • 點閱點閱:90
人是理性的動物,但非總是如此;理性不在時,情緒做主。天氣影響情緒,情緒影響投資決策、乃至於投資的績效與風險;所以看似無關的天氣,竟然會對市場產生影響。本文以GARCH(1,1)模型,研究市場報酬率、電子和金融業報酬率、市場週轉率及法人和散戶週轉率是否受到天氣因子-陽光、濕度、溫度的影響。實證結果顯示:若不考慮市場情勢,並無顯著的證據支持天氣與報酬率、週轉率之間的關係。但考慮、多空頭時期之後,在報酬率與週轉率中,的確存在天氣效應;此外,不論在市場、產業、兩類投資人的平均報酬率與變異數,皆存在天氣效應。只有法人平均週轉率沒有存在市場情勢的影響與天氣效應。
This study is mainly to examine the relationship between the weather and investors trading behaviors by indirect investor sentiment indices and GARCH model. The empirical results of this study indicate that the weather and market situations significantly influence the market returns, market turnovers and industry returns, respectively. However, the trading behaviors of institutional investors were not affected by these external factors.
期刊論文
1.李源明、王冠閔(2011)。陽光效應對股票報酬與波動的不對稱影響--以臺灣股市爲例。經濟模型,1(1),710-727。  延伸查詢new window
2.Isen, A. M.(2000)。An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues With Practical Implications。Journal of Consumer Psychology,11(2),75-85。  new window
3.Mann, S.(1997)。Emotional Labour in Organizations。Leadership and Organization Development Journal,,18(1),4-12。  new window
4.郭敏華、李謙(20050600)。陽光影響投資情緒?以臺灣股票市場為例。臺灣金融財務季刊,6(2),35-51。new window  延伸查詢new window
5.Howarth, E.、Hoffman, M. S.(1984)。A Multidimensional Approach to the Relationship between Mood and Weather。British Journal of Psychology,75(1),15-23。  new window
6.Loewenstein, G.(2000)。Emotions in Economic Theory and Economic Behavior。The American Economic Review,90(2),426-432。  new window
7.Kamstra, M. J.、Kramer, L. A.、Levi, M. D.(2003)。Winter Blues: A SAD Stock Market Cycle。American Economic Review,93(1),324-343。  new window
8.陳振遠、王朝仕(20050700)。臺灣股票市場陽光效應之實證研究。管理研究學報,5(2),171-198。new window  延伸查詢new window
9.徐丹(1989)。第三人稱代詞的特點。中國語文,1989(4),281-284。  延伸查詢new window
10.Forgas, J. P.(1995)。Mood & judgment: The affect infusion model (AIM)。Psychological Bulletin,117(1),39-66。  new window
11.Isen, Alice M.、Geva, Nehemia(1987)。The Influence of Positive Affect on Acceptable Level of Risk:The Person with a Large Canoe Has a Large Worry。Organizational Behavior and Human Decision Processes,39(2),145-154。  new window
12.Hirshleifer, David、Shumway, Tyler(2003)。Good Day Sunshine: Stock Returns and the Weather。The Journal of Finance,58(3),1009-1032。  new window
13.Saunders, E. M. Jr.(1993)。Stock Prices and Wall Street Weather。American Economic Review,83(5),1337-1345。  new window
14.Nygren, T. E.、Isen, A. M.、Taylor, P. J.、Dulin, J.(1996)。The Influence of Positive Effect on the Decision Rule in Risk Situations: Focus on Outcome (and Especially Avoidance of Loss) Rather than Probability。Organizational Behavior and Human Decision Processes,66(1),59-72。  new window
15.Bagozzi, Richard P.、Gopinath, Mahesh、Nyer, Prashanth U.(1999)。The role of emotions in marketing。Journal of the Academy of Marketing Science,27(2),184-206。  new window
16.Elster, J.(1998)。Emotions and Economic Theory。Journal of Economic Literature,36(1),47-74。  new window
17.Estrada, Carlos A.、Young, Mark J.、Isen, Alice M.(1997)。Positive Affect Facilitates Integration of Information and Decreases Anchoring in Reasoning among Physicians。Organizational Behavior and Human Decision Processes,72(1),117-135。  new window
18.Slovic, P.、Finucane, M.(2002)。Rational Actors or Rational Fools: Implications of the Affect Heuristic for Behavioral Economics。Journal of Socio-Economics,31(4),329-342。  new window
學位論文
1.陳勁遠(2012)。氣候變異對台灣股票報酬率的影響(碩士論文)。國立臺灣科技大學。  延伸查詢new window
2.賴翰群(2009)。臺灣股票市場天氣效應之實證硏究(碩士論文)。國立臺灣大學。  延伸查詢new window
3.林容旦(2009)。天氣效應對股票市場之影響--台灣股票市場之實證研究(碩士論文)。元培科技大學。  延伸查詢new window
4.陳勁遠(2012)。氣候變異對台灣股票報酬率的影響(碩士論文)。國立臺灣科技大學。  延伸查詢new window
 
 
 
 
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