Sales momentum strategies by document Ku(2010), which buy sales winners (top 20% of standardized unexpected sales) and sell sales losers (bottom 20% of standardized unexpected sales), generate significant positive average returns over 1- to 12-month holding periods and the cumulative average return in months 25 to 36 is negative. This evidence supports that the sales momentum is driven by behavioral biases. This is the first study to investigate the relationship between individual stock momentum and industry momentum based on unexpected sales on in the Taiwan stock market. This study is to reinvestigate sales momentum effect of individual stock or sales momentum effect of industry. We apply pairwise nested comparison model introduced by George and Hwang (2004) and test whether one effect is subsumed by the other. Finally, to help explain our results, we are to evaluate existing behavioral models. 顧廣平(2010)以買營收贏家(即標準化未預期營收前20%較佳的股票)和賣營收輸家(即標準化未預 期營收後20%較差的股票)形成營收動能策略，其可獲取1~12個月顯著正的平均報酬，以及其於持有第 25至36個月間，存在顯著負的累積平均報酬，此證據支持行為偏誤導致營收動能。 針對台灣股市，本研究首次探討以未預期營收為基礎之個股動能與產業動能之間的關係。本研究 將再一次檢驗個股營收動能效應或產業營收動能效應。又本研究使用George and Hwang (2004)成對嵌 套比較方法，檢驗一個效應是否被另一個效應所包含。最後，我們進一步探討現存之行為模式，以便 幫助解釋我們的結果。
