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題名:臺灣存託憑證市場之從眾行為
書刊名:商管科技季刊
作者:劉清標 引用關係謝和原
作者(外文):Liu, Chin-piaoHsieh, Ho-yuan
出版日期:2013
卷期:14:3
頁次:頁357-376
主題關鍵詞:臺灣存託憑證從眾行為Taiwan depositary receiptHerding behavior
原始連結:連回原系統網址new window
相關次數:
  • 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:30
  • 點閱點閱:67
本文探討台灣存託憑證(TDR)市場投資人的從眾現象,尤其是機構投資人投資 決策的從眾行為,實證結果發現,專業機構投資人具有從眾行為,並且於賣出TDR 時的從眾程度高於買入TDR時。另外在產業與國籍分析方面,機構投資人對非電子 產業TDR與非台商TDR具有程度較高之從眾現象,而在TDR交易特性上,機構投 資人之從眾行為分別與TDR之市場價值規模與交易週轉率有顯著的正向關係。
This paper examines the herding behavior of investors, specifically the institutional investors, in Taiwan depositary receipt (TDR) market. We find that the institutional investors display significant herding behavior with a higher degree as they sell TDR than as they buy TDR. Furthermore, in the analysis of industry and nationality, we find that the institutional investors show a higher degree of herding behavior in non-electronics TDR and TDR issued by non-Taiwanese owned companies. In characteristic analysis, the herding behavior of the institutional investors positively relates to the market value and the turnover rate of TDR, respectively.
期刊論文
1.徐中琦、林皇瑞(20080600)。法人機構從眾行為之研究--臺灣股市外資與自營商之比較。商管科技季刊,9(2),251-276。new window  延伸查詢new window
2.Demirer, R.、Kutan, A. M.、Chen, C. D.(2010)。Do investors herd in emerging stock markets?: Evidence from the Taiwanese market。Journal of Economic Behavior & Organization,76(2),283-295。  new window
3.Lin, Anchor Y.、Swanson, Peggy E.(2003)。The Behavior and Performance of Foreign Investors in Emerging Equity Markets: Evidence of Taiwan。International Review of Finance,4(3/4),189-210。  new window
4.Cote, J. M.、Sanders, D. L.(1997)。Herding behavior: Explanations and implications。Behavioral Research in Accounting,9,20-45。  new window
5.Li, D. D.、Yung, K.(2004)。Institutional herding in the ADR market。Review of Quantitative Finance and Accounting,23,5-17。  new window
6.Lin, A. Y.、Huang, L. S.、Chen, M. Y.(2007)。Price comovement and institutional performance following large market movements。Emerging Markets Finance and Trade,43,37-61。  new window
7.Chen, Y. F.、Wang, C. Y.、Lin, F. L.(2008)。Do qualified foreign institutional investors herd in Taiwan’s securities market?。Emerging Markets Finance & Trade,44(4),62-74。  new window
8.Hwang, Soosung、Salmon, Mark(2004)。Market stress and herding。Journal of Empirical Finance,11,585-616。  new window
9.Gleason, K. C.、Mathur, I.、Peterson, M. A.(2004)。Analysis of Intraday Herding Behavior among the Sector ETFs。Journal of Empirical Finance,11(5),681-694。  new window
10.Devenow, Andrea、Welch, Ivo(1996)。Rational Herding in Financial Economics。European Economic Review,40(3-5),603-615。  new window
11.Bikhchandani, Sushil、Sharma, Sunil(2001)。Herd behavior in financial markets: A review。IMF Staff Papers,47(3),279-310。  new window
12.李顯儀、吳幸姬(20091200)。技術分析資訊對共同基金從眾行為的影響。臺大管理論叢,20(1),227-260。new window  延伸查詢new window
13.Wermers, R.(1999)。Mutual Fund Herding and Impact on Stock Price。Journal of Finance,54(2),581-622。  new window
14.McQueen, Grant、Pinegar, Michael、Thorley, Steven(1996)。Delayed reaction to good news and the cross-autocorrelation of portfolio returns。The Journal of Finance,51(3),889-919。  new window
15.李春安、賴藝文(20050800)。股市劇烈變動區間臺灣股票市場與本國機構投資人從眾行為之研究。臺灣管理學刊,5(2),231-267。new window  延伸查詢new window
16.羅進水、李春安(20090700)。從眾與非從眾行為對市場報酬衝擊之研究。管理評論,28(3),21-41。new window  延伸查詢new window
17.Lakonishok, Josef、Shleifer, Andrei、Vishny, Robert W.(1992)。The Impact of Institutional Trading on Stock Prices。Journal of Financial Economics,32(1),23-43。  new window
18.Christie, William G.、Huang, Roger D.(1995)。Following the pied piper: Do individual returns herd around the market?。Financial Analysts Journal,51(4),31-37。  new window
19.Chang, Eric C.、Cheng, Joseph W.、Khorana, Ajay(2000)。An examination of herd behavior in equity markets: An international perspective。Journal of Banking and Finance,24(10),1651-1679。  new window
學位論文
1.陳志宏(2007)。台灣股市從眾行為之分析(碩士論文)。國立中山大學。  延伸查詢new window
2.江佳翰(2009)。台灣股市外資法人高價股從眾行為之研究(碩士論文)。雲林科技大學。  延伸查詢new window
3.徐偉翔(2005)。投資人從眾行為之再檢視-就台灣市場產業別分類之觀察(碩士論文)。國立彰化師範大學。  延伸查詢new window
4.郭貞吟(2007)。外資持股之股價共移與從眾現象研究(碩士論文)。雲林科技大學。  延伸查詢new window
5.許凱翔(2010)。台灣股票市場個別投資人與機構投資人從眾行為之關係(碩士論文)。國立中興大學。  延伸查詢new window
 
 
 
 
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