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| 研究生： |
陳建宏 Chen, Chien-Hung |
|---|---|
| 論文名稱： |
期貨交易者行為偏誤的學習效果 The Learning Effect of Futures Traders’ Behavioral Bias |
| 指導教授： |
李宏志
Li, Hung-Chih |
| 學位類別： |
碩士 Master |
| 系所名稱： |
管理學院 - 財務金融研究所碩士在職專班 Graduate Institute of Finance (on the job class) |
| 論文出版年： | 2013 |
| 畢業學年度： | 101 |
| 語文別： | 中文 |
| 論文頁數： | 85 |
| 中文關鍵詞： | 期貨交易 、訓練 、學習效果 、行為偏誤 |
| 外文關鍵詞： | Futures’ Trading, Training, Learning Effect, Behavioral Bias |
| 相關次數： | 點閱：69 下載：0 |
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期貨交易市場一直為現貨市場重要的避險標的與先行價格指標，而在進行期貨交易時，期貨交易者產生的行為偏誤往往造成績效低落的主因。本研究探討透過對學生期貨交易的訓練所產生的學習效果，是否會降低行為偏誤並提升投資績效。針對23名受測者在訓練前後行為偏誤的測度與投資獲利的改變，發現訓練期貨交易員時，不論男女性別或本科系與否，經過培訓，證明訓練可以提升交易績效。也發現沒紀律行為、過度交易比率與交易勝率能有效解釋交易獲利的42.1%，而經由訓練能有效降低沒紀律行為、過度交易比率與交易勝率。因此本研究支持透過訓練，會降低期貨交易者的行為偏誤，進而提升投資績效。
Futures markets have been an important indices for the spot market and the hedge objects, while conducting futures, the futures traders' behavioral biases often cause low performance.
Through this study, it explores whether the training of futures studying of the students can produce learning effectives, and reduce behavioral biases and improve investment performance. Based on 23 subjects before and after futures training, we find that futures traders, regardless of gender or finance field, can improve trading performance through training.
We also find that traders with no disciplinary actions, over trading and trading gain ratio can effectively explain 42.1% of trading profits, and through training they can effectively reduce the no disciplinary actions, over trading and improve trading gain ratio. Therefore, this study supports the argument that training can reduce the futures trader's behavioral biases, and thus enhance investment performance.
一、中文部分
陳汀鏗(2009)，散戶投資人在同股票與產業交易經驗的學習效果，國立暨南國際大學財務金融學系研究所未出版之碩士論文。
鄭雯心(2010)，散戶投資人的交易特性與學習效果，國立高雄第一科技大學財務管理研究所未出版之碩士論文。
盧浚銘(2012)，紀律與過度自信之相關性分析，國立高雄第一科技大學財務管理研究所未出版之碩士論文。
二、英文部分
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17. Dhar, Ravi, Zhu, Ning, 2006, Up Close and Personal: an Individual Level Analysis of the Disposition Effect, Management Science 52, 726–740.
18. Nicolosi, Gina, Liang Peng, and Ning Zhu, 2009, Do Individual Investors Learn from Their Trading Experience? Journal of Financial Markets 2, 317-336.
19. Seru, Amit, Tyler Shumway, and Noah Stoffman, 2007, “Learning By Trading,” Working paper.
校內：2018-01-01公開校外：不公開