處分效果(Disposition Effect)係指投資人具有急售獲利與惜售損失的傾向，交易也是行為財務學探討投資人非理性行為的論點之一。本研究係利用處分效果來探討投資人對於交易是否具有學習效果。具體而言本研究依據Seru, Shumway and Stoffman (2010)以處分效果來估計投資人之學習效果，並對台灣股票集中市場的投資人進行學習效果之驗證分析。 本研究同時參考了Feng and Seasholes(2005)方式,使用醫學界所常見的存活分析(Survival Analysis)方式去估計投資人處分效果。最後再使用最大概似方法來予以估計衡量投資人交易其學習效果間之關聯性；本研究除了應用處分效果以估計投資人學習效果之外，亦利用投資人的投資報酬率(Performance)以估計其學習效果。 最後，台灣股票市場上對投資人交易的學習效果顯示，當市場報酬率下降時處分效果特別低，表示學習效果較好；而在投資人交易報酬率與經驗之間的關係呈現正比現象，表示有經驗的交易者，其報酬率較為理想，學習效果較好。 The disposition effect that investors are less willing to recognize losses which they would be forced to do if they sold assets which had fallen in value, but are more willing to recognize gains. Use disposition effect to estimate learning for trading by investors. Refer to Seru ,Shumway and Stoffman(2010) theory and ues the method to test and verify in the Taiwan stock market in this study. Refer to Feng ,Seasholes(2005) method for Survival Analysis to estimate disposition effect, using the maximum likelihood method to measure the relationship between transaction and learning in this study；Not only use disposition effect to estimate learning effect but also use performance to estimate learning effect. Finally, learning effect for investors trading on the Taiwan stock market, when market return of rates fall, the disposition effect is especially low, which means that learning is better; Investors trading relationship between the rate of return and experience present is proportional, which means that experienced traders, the rate of return is more, and learning better.
