期刊論文
| 學年 | 115 |
|---|---|
| 學期 | 1 |
| 出版（發表）日期 | 2026-09-01 |
| 作品名稱 | The impact of trading mechanism reforms on behavioral biases Evidence from Taiwan stock market |
| 作品名稱（其他語言） | |
| 著者 | Jui-Cheng Hung; Chien-Liang Chiu; Chien-Ming Huang; Chun-Pin Liao |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | Research in International Business and Finance 89, p. 103474 |
| 摘要 | This paper analyzes the impact of the Taiwan Stock Exchange's shift to a continuous trading mechanism in March 2020 on two significant retail investor biases: the disposition effect and overconfidence. We use daily margin trading data from 768 listed companies to make stock-level behavioral measures that show how things changed after the reform. The findings indicate that both biases experienced a substantial increase subsequent to the implementation of continuous trading. Difference-in-differences analyses further show that this behavioral amplification is stronger in stocks that were traded more heavily by retail investors before the reform. Robustness checks employing alternative, return-based bias metrics validate a consistent market-wide impact of continuous trading. In general, the results show that changes to trading mechanisms can unintentionally make behavioral biases worse in markets where retail investors are in charge. This has important effects on how markets are designed and regulated. |
| 關鍵字 | Continuous trading;Disposition effect;Overconfidence;Margin trading |
| 語言 | en |
| ISSN | |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | Chien-Ming Huang |
| 審稿制度 | 是 |
| 國別 | USA |
| 公開徵稿 | |
| 出版型式 | ,電子版 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/129311 ) |