本研究主要在探討前期之損失或獲利，對於後期損失迴避程度之影響，並且採用處置效果衡量損失迴避之程度。採用2006台灣加權指數期貨資料，並且以大台指(每點NTD200)為單位來衡量損益程度，選用376位投資者之當沖日交易資料，藉以分析其前期損益與後期處置效果之關係。前後期之區分採用三種方式，首先以時間點11:15 a.m.將資料分成前期(11:15 a.m.之前)跟後期；第二種方式為尋找出投資者之最大損失為切點，以最大損失發生前為前期，最大損失發生後為後期；第三種方式為尋找出投資者所有損失之中位數為切點，區分為前期跟後期。
　　針對以上資料，再以性別及年齡區分成兩類。結果顯示：當前期損失增加時，男性處置效果上升之幅度較女性高，造成男性有更高之置處效果，顯示男性較女性更有損失迴避之傾向；年長者跟年輕者之投資行為對比，也反映出類似男性跟女性之對比關係。

On this study, we aim to discover The Relationship between Prior Loss/Profit and Later Loss Aversion Measured by Degree of Disposition Effect. We collect the index futures (TX) records from TAIFEX (Taiwan future exchange) in the year 2006 and use the index point of TX (NTD200 each point) as the measurement of profit/Loss. We defined the prior and later period by three type of cutting point. First, we use time 11:15 a.m. as cutting point to separate the data into morning and afternoon data. Second, we use the maximum realized losses (MRL) and the median maximum realized losses (M-MRL) as the cutting point to separate the prior and later period.
We also separate the data into different gender and age. Based on M-MRL, result shows that male and elder traders keep more unrealized losses than female and young traders when facing increasing losses, which means male and elder traders are relatively risk taking than female and young traders under losing circumstance.

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