Disposition, Confidence, and Profits and Losses: Evidence from the Taiwan Warrant Markets

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/126691

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题名:	Disposition, Confidence, and Profits and Losses: Evidence from the Taiwan Warrant Markets
作者:	Chang, Matthew C.;Hung, Jui-Cheng;Wu, Rebecca Chung-Fern
关键词:	Warrant Markets;Warrant Characteristics;Confidence;Disposition;Profits and Losses;Investor Types
日期:	2023-03
上传时间:	2025-01-23 12:05:55 (UTC+8)
出版者:	淡江大學管理科學學系
摘要:	In this paper, we first examine the extent that a warrant's characteristics, i.e., size of the underlying stock, effective leverage, time value, and implied volatility, affect behavioral measures, i.e., coefficients of disposition and coefficients of confidence, of two types of investors, i.e., individual investors and dealers, in the Taiwan warrant markets. Second, we explore the impacts of coefficients of disposition and coefficients of confidence on profits and losses (PL) by separate groups of investors. Finally, we find that cross-market spillover effects on levels of disposition coefficients and levels of confidence of individual investors from spot markets are especially important to contribute to PL of individual investors and dealers. Accordingly, our novel discoveries shed some light on better understanding of investors' behavioral biases.
關聯:	International Journal of Information and Management Sciences、34(1)、23-50
DOI:	10.6186/IJIMS.202303_34(1).0002
显示于类别:	[財務金融學系暨研究所] 期刊論文

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