在台灣股市中存在著PTH異常現象，有著較高的PTH的股票在未來傾向有更高的報酬，本研究嘗試透過基於投資的資產定價模型所建立的Q因子模型，來檢驗在台灣股市中存在的52周高點異常現象。如果PTH異常符合投資CAPM的預期，那麼以Q因子模型解釋PTH異常的迴歸模型截距項(alpha)將會不顯著。
實證結果發現在台灣股票市場中使用Q因子模型無法完全捕捉PTH異常現象，迴歸結果的截距項仍顯著不等於零，同時Q因子模型也無法完全解釋經由PTH及投資(Invt)雙重排序的股票異常現象，並且資料顯示Q因子模型中的獲利因子(ROE)及PTH所包含的資訊有所不同，因此ROE無法說明PTH異常現象。
總結來說，本文的實證結果無法說明52周高點異常符合投資資本資產定價理論的預期，並與George et al. (2018) 使用美國公司為樣本的結論不一致，原因可能來自於PTH異常與投資人對新資訊的反應不足高度相關或來自於台灣及美國市場投資人結構差異所導致。

The price-to-high (PTH) anomaly suggests that companies with stock prices close to their 52-week highs tend to enjoy significantly higher abnormal returns. In this paper, I examine whether the PTH anomaly in Taiwan market is explained by an investment-based asset pricing model, as measured by q-factor model. If the 52-week price-to-high anomaly is driven by the lack of a control for investment factors in t asset pricing models, the intercept term (alpha) should be statistically insignificant.
My empirical results show that alpha remains statistically significant, suggesting that q-factor model cannot fully explain the 52-week price-to-high anomaly. I also find the q-factor model cannot address the PTH anomaly by using double sorts based on price-to-high and investment. In addition, my results indicate that the profitability factor (ROE) in the q-factor model captures information different from the price-to-high anomaly, suggesting that the PTH might not be directly related to a firm's future investment growth.
Overall, my empirical results do not suggest that the PTH anomaly is dealt with through the use of an investment-based asset pricing model asset pricing model, which is not consistent with the previous research (George et al., 2018). In this research, it adopts sample in US market. A potential explain is that the price-to-high anomaly is closely related to investor underreaction to available information, or Taiwan's investor structure in stock market is different from that of the United States.

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