由於投資人的時間有限，無法專注於過多不同家公司之股票，因此能否吸引投資人注意對於投資人購買股票的選擇行為即扮演很重要的角色。一個使用美國證券市場資料的研究顯示，股票的極端正報酬會吸引投資人的目光，進而產生受注意力驅使的購買效果。然而，美國證券市場與台灣證券市場的市場結構有所不同。在美國證券市場中，機構投資人的交易量遠大於散戶投資人。相反的，在台灣證券市場中，機構投資人的交易量遠低於散戶投資人。因此，本研究欲了解股票的極端正報酬吸引投資人目光進而產生受注意力驅使的購買效果是否仍存在於台灣證券市場中。此外，不僅是極端正報酬，極端負報酬也會吸引投資人的目光，進而產生受注意力驅使的購買效果。本研究欲測試極端負報酬吸引投資人目光進而產生受注意力驅使的購買效果是否也存在於台灣證券市場中。另外，本研究也針對兩個延伸的議題作探討。第一，極端報酬發生在不同的時間點是否會造成不同程度受注意力驅使的購買效果。第二，極端正報酬吸引投資人目光進而產生受注意力驅使的購買效果與極端負報酬吸引投資人目光進而產生受注意力驅使的購買效果是否由不同型態的投資人所導致。
本研究的樣本包括所有在台灣證券交易所掛牌上市的上市公司，且研究期間為2009年1月至2017年12月。本研究結果顯示，極端正報酬吸引投資人目光進而產生受注意力驅使的購買效果於台灣證券市場的結論與美國證券市場有所不同，且極端負報酬吸引投資人目光進而產生受注意力驅使的購買效果確實存在於台灣證券市場中。此外，本研究也顯示，當極端日報酬發生的時間點越靠近月底，受注意力驅使的購買效果會越顯著。

Investor’s attention plays a vital role in stock purchase behavior because investors do not have lots of time to focus on a huge number of stocks. A research using data from American stock market shows that extremely positive stock returns would catch investor’s attention and cause attention-driven buying effect. However, market structure of American stock market is different from Taiwan stock market. Trading volume of institutional investors are much more than individual investors in American stock market. On the contrary, trading volume of institutional investors are much less than individual investors in Taiwan stock market. Thus, this research examines that whether attention-driven buying effect on extremely positive returns still exists in Taiwan stock market. Moreover, not only extremely positive returns but also extremely negative returns would catch attention of investors and further cause attention-driven buying effect. This research tests whether attention-driven buying effect on the side of extremely negative returns exists in Taiwan stock market as well. Additionally, this research also concentrates on further two issues. First, whether the extreme returns happening at different timing would have different level of attention-driven buying effect. Second, whether attention-driven buying effect on extremely positive returns is driven by different investor types from extremely negative returns.
The samples of this paper included all common stocks of whole listed companies in Taiwan from January 2009 to December 2017. The results show that finding on the side of extremely positive returns in Taiwan stock market is different from previous research in American stock market and attention-driven buying effect exactly exists on the side of extremely negative returns. Furthermore, the results demonstrate that the happening of extremely high daily returns and extremely low daily returns nearer to the month end, more attention-driven buying effects are in the period.

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