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Kassa, Haimanot. "Three Essays in Finance." University of Cincinnati / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1367937084.
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Schiefelbein, Peter Noel. "What about companies matters to share investors? An exploratory study of Australian institutional and individual investor preferences." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97739/4/Peter_Schiefelbein_Thesis.pdf.
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This thesis is an exploratory study of the attributes of companies and their shares that are most important to the investment decision making of institutional and individual investors. This study employed personal interviews using the technique of Repertory Grid Analysis (RGA) and found that individual investors mostly have a preference for different kinds of companies to those preferred by institutional investors.
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Blackburn, Douglas W. "Three essays on investor preferences." [Bloomington, Ind.] : Indiana University, 2007. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3277982.
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Thesis (Ph.D.)--Indiana University, Kelley School of Business, 2007.Source: Dissertation Abstracts International, Volume: 68-09, Section: A, page: 3999. Advisers: Charles Trzcinka; Andrey Ukhov. Title from dissertation home page (viewed May 5, 2008).
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Taylor, Philip Davis. "Investor preferences in the securities options market." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54794.
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Systematic mispricing by the state-of-the-art option pricing models is a paradox in financial economics as both the magnitude and direction of the mispricing is debated. The models have been found to overprice out-of-the-money and deep-in-the-money call options while underpricing in-the-money and deep-out-of-the-money calls. In addition, research has shown these biases have different signs in different time periods. We propose that when investors maximize expected utility for Friedman-Savage-Markowitz utility functions, the option mispricing observed in the market will result.
The theories and empirical tests in the literature of higher-order utility functions and risk-neutral valuation (RNV) in the options market are presented. Though investor attitudes towards risk are irrelevant in the non-arbitrage world of modern option pricing, to the extent the options market does not meet the non-arbitrage conditions, investor risk preferences will affect the pricing of options. Risk-loving traders will bid up market prices relative to risk-neutral model prices; risk-averse traders will bid down prices. And investor risk preferences can, and do, change over time as market conditions change.
New tests are run to analyze the relationship between mispricing biases and investor preferences before and after the historic stock market crash of October 19, 1987. We find mispricing biases which imply a decreased risk aversion on the part of investors in the IBM call option markets for the period prior to the market crash and mispricing biases which imply an increased risk-averse (and decreased risk-loving) behavior in those markets following the crash. Similar analyses are also performed in the Microsoft call options markets with less conclusive results.Ph. D.
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Kivikoski, Lauri, and Robert Sandberg. "Individual investors' preferences regarding green bonds : A survey of Swedish investors." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-165057.
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Green bonds are a type of bonds that are designated for investment projects that have a positive effect on the environment. Such projects could be preventing climate change by reducing emissions of greenhouse gases, increasing energy-efficiency, or improving waste management. Green bonds have risen considerably in issued volume in recent years. Sweden has been one of the forerunners in this development and the interest towards these products seems to be high among individual Swedish investors. Initially, investors in green bonds have been mainly financial institutions, but there are an increasing number of mutual funds, which are aimed for retail banking customers as well. Previous research in socially responsible investing has not paid attention to green bonds from the perspective of the private, individual investor. This study is aimed to study potential individual green bond investors in Sweden. The purpose of this study was to answer the research question of who the typical Swedish green bond investors are, based on demographic characters. As research sub-questions, the thesis also answered questions regarding perceived risk and return on green bonds, and the effect of environmental attitude and behaviour on potential green bond investments. The study was carried out as an Internet survey by means of a questionnaire directed to Swedish investors. In total, 66 respondents answered the survey, which was analysed by bivariate and multivariate methods. Among the demographic factors, two were found statistically significant, age, and parenthood. In this sample younger investors (age less than 39), were found to prefer investing in green bonds, compared to older investors. Secondly, the fact of being a non-parent turned out to be a distinctive feature of current and potential investors in green bonds. The results regarding the first research sub-question, showed that the individual investors do not perceive green bonds to be more or less risky or give more or less return than comparable conventional bonds. The second research sub-question regarding environmental attitude and behaviour, showed a significant difference between those who showed a strong pro-environmental behaviour, as opposed to those who showed a weaker pro-environmental behaviour. The conclusion about the influence of environmental attitudes was that it did not have an effect on potential green bond investments.
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Binay, Murat Mehmet. "Anatomy of institutional investors preferences, performance, and clienteles /." Access restricted to users with UT Austin EID Full text (PDF) from UMI/Dissertation Abstracts International, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?p3024994.
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Hobohm, Daniel. "Investors in private equity funds theory, preferences and performances." Wiesbaden Gabler, 2009. http://d-nb.info/998544418/04.
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Hobohm, Daniel. "Investors in private equity funds : theory, preferences and performances /." Wiesbaden : Gabler, 2010. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=018860644&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Mak, Mark Kwong Yiu. "Financial investment behaviour between Hong Kong and Mainland Chinese investors and predicting investors' preferences." Thesis, University of Warwick, 2018. http://wrap.warwick.ac.uk/114205/.
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Behavioural finance has been popular in the literature pertaining to investment behaviour in recent years. However, the number of applications for exploring individual investment behaviour in Hong Kong and mainland China are limited. This research investigates investor behaviour to identify the major determining factors influencing investor behaviour between Hong Kong and mainland China, and derive customers' investment preferences from the behavioural patterns identified. The approach developed generates two new models, namely PSYC Model and Financial Data Mining Model (FDMM). Data from 142,496 mainland Chinese and Hong Kong investors of Convoy Financial Service Limited ("Convoy"), one of the largest financial service providers in Hong Kong, were used to identify major influencing factors and examine differences of mainland Chinese and Hong Kong investors. Statistical analyses, including descriptive analysis, factor analysis, correlation analysis and regression analysis, were adopted. Six major factors were statistically supported to have impact on investment behaviours. More importantly, investment decisions made by investors from mainland China and Hong Kong are mainly affected by (i) age (demographic factor) (ii) investment experience (psychological factor) and (iii) annual income (sociological factor). The newly developed PSYC Model on the basis of the statistical results generalized two major perspectives of investor behaviours, namely investing involvement and risk appetite, in response to the three factors of Hong Kong and mainland China investors. Following this, the FDMM was created to assist financial institutions in predicting customer behaviour. Clustering analysis and association rules were applied. Ten experts with at least 15 years of experience in banking, insurance and stock markets in Hong Kong and mainland China were consulted in form of group meetings, telephone interviews and teleconference to justify the two new models with their experience and practical knowledge in the industry. The PSYC Model and FDMM were implemented within Convoy for validation. The former model helped in design and identification of appropriate product and marketing strategies for different classes of products while the latter model generated eight specific rules for Convoy to implement product offerings to Hong Kong investors which greatly improved business workflow and efficiency. As a result, the success rate selling financial products to its customers and the customer satisfaction level were boosted by 66% and 8.7% respectively. With these promising results, the research objectives were met, and the outcomes of this research can assist financial institutions to gain better insights into the behaviour of their customers from Hong Kong and mainland Chinese, and offer the most suitable financial products for fulfilment. The model developed could be further generalized for adoption by other financial institutions after further evaluation and case studies with the support of a wider range of customer profiles in diversified financial institutions.
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Karlsson, Anders. "Investment Decisions and Risk Preferences among Non-Professional Investors." Doctoral thesis, Stockholm : School of Business, Stockholm University, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6841.
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Su, Roger. "The motivations and investment preferences of Chinese investors who migrate to New Zealand." AUT University, 2009. http://hdl.handle.net/10292/869.
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Chinese migrants play a serious role in their destination countries, and through demand, support high values in destination property and financial markets. Therefore, Chinese investors’ investment motivations, preferences and behaviours have a significant impact on the New Zealand economy. The objectives of this research are: to investigate the preferences (what kind of investment assets they prefer) and the motivations (why they chose New Zealand as their investment destination) of Chinese migrant investors. The findings will be a useful element in explaining New Zealand’s economic development, and in making financial decisions. It also will be important for the development of New Zealand’s growing finance industry and equity market. The researcher collected data from 20 respondents who are Chinese migrant investors who have made New Zealand their home. The collected data examines investors’ preferences and motivations, such as what kind of investment assets they prefer and the motivations which drive them to invest in New Zealand or elsewhere. Using a grounded theory methodology, the researcher draws some findings from the data analysis. Furthermore, using a constant comparative method, the researcher develops some preferred choices which explain Chinese migrant investors’ investment preferences and motivations. The core findings (called phenomena or categories) of Chinese migrant investors’ preferences and motivations in this study are listed below: Home-bias investment behaviour – that is mainly China and New Zealand Following past performance / herding behaviour Seeking speculative opportunities – high return, high risk Over confidence Taxation evasion Financial privacy Considering these core categories, the researcher re-tested and re-analysed all interview data. Two refined themes are drawn: 1. Chinese investors don’t understand investment; they seek speculative investment opportunities exemplifying non-professional opportunistic behaviours. 2. Chinese investors don’t take New Zealand as their preferred investment destination until they arrive in New Zealand. Finally, the researcher reconsiders both themes and other inferences, to develop a theory from the ground – exaggerated Chinese financial investment experiences are relayed to other Chinese, and influence investment preferences and motivations.
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Nilsson, Sara, and Jennifer Ramare. "What does it cost to invest with preferences? : What does investors lose/gain on investing in sin-stocks versus SRI investing?" Thesis, Högskolan Väst, Avd för juridik, ekonomi, statistik och politik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hv:diva-17337.
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This paper analyses the difference in risk-adjusted returns between Sin-stocks and SRI-investing for the period 2001-2021. The analysis was conducted by creating two optimally risky portfolios according to the Modern Portfolio Theory, one comprised of only Sin-stocks and one with only high ESG scoring companies. The Sin-stocks contained stocks from four different sectors, alcohol, gambling, tobacco and weapons while the companies for the SRI-portfolio was chosen from the FTSE4Good index. The regression models were chosen to follow both the CAPM, and the Fama & French three factor model and the regressions were in the end conducted with the GARCH model which showed results that both the SRI-portfolio and the Sin-portfolio had a general excess return over the market. The two portfolios were also compared with the help of Sharpe Ratio and Jensen’s Alpha. The Sharpe ratio as well as the Jensen’s Alpha showed that the Sin-portfolio had the highest risk-adjusted returns. In conclusion, the SRI-portfolio as well as the Sin-portfolio both outperformed the market during the time period 2001-2021 and they were both less volatile than the market.
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Beydoun, Abdul. "Explaining Investor Preferences: The Significance of Socio-demographic, Ideological, and Attitudinal Factors." FIU Digital Commons, 2012. http://digitalcommons.fiu.edu/etd/664.
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Previous research on investor preferences focused mainly on the relationship between socio-demographic variables and risk tolerance. This study extends the research in this area by focusing on three aspects of investor preferences: risk tolerance, time horizon, and estate intentions. The objective is to provide a more comprehensive model of investor preferences, including both psychological and attitudinal variables. This study addresses the following: Are socio-demographic variables sufficient to predict investor preferences? Is there a difference between males and females? How much additional variance is explained by including political ideology, positive psychology attitudes, and pro-social attitudes? Are these attitudinal variables simply additive or are they interactive?
Data were collected from MBA students and senior undergraduate students in a major research university in South Florida. A scale was developed to measure estate intentions, a construct that has never been examined in management studies. The findings supported the expectation that psychological variables would be positively correlated with the dependent variables. However, I expected that pro-social attitudes would be a moderator variable, and this expectation was not realized. This dissertation contributes to the investor preferences field in several ways. First, it demonstrates the importance of psychological and attitudinal variables in explaining investor preferences. I also found differences between males and females regarding risk tolerance. This study can provide financial advisers with a deeper understanding of the importance of psychological and attitudinal variables in determining investor behavior. Finally, the results of this study augment and expand stakeholder theory. This study brings the investor into the stakeholder model, enhancing the descriptive, explanatory, and predictive capabilities of stakeholder theory. Future research could replicate this study using real investors in different locations for cultural variation, or using a panel of respondents for a longitudinal study.
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Wasilewski, Mélanie. "Contribution à la connaissance du carbone pour la gestion de portefeuille : implication pour le coût des capitaux propres." Electronic Thesis or Diss., Bordeaux, 2025. http://www.theses.fr/2025BORD0001.
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Le carbone est une donnée complexe à définir et à mesurer sur le plan financier. Pour autant, il joue un rôle majeur aujourd’hui dans l’analyse et les stratégies de décision des investisseurs car il influence directement la valorisation des firmes. La littérature constate d’ailleurs une influence significative du coût du carbone sur le coût des capitaux propres. Ce lien permet de poser en amont trois hypothèses majeures qui s’appuient sur la modulation du risque, sur la recherche de légitimité et sur la préférence des investisseurs. En effet, il existe diverses typologies d’indicateurs carbone que nous avons pu identifier. Notre travail a consisté alors à associer ces hypothèses aux indicateurs afin de faire émerger différentes stratégies de gestion de portefeuilles. Or, ces stratégies sont guidées par les intentions des investisseurs, qui varient en fonction de leur engagement personnel, de leur niveau de contrainte et de leur environnement. Les investisseurs légitiment alors la composition de leur portefeuille en fonction de diverses appréciations de cette donnée. Nous montrons que la donnée carbone modifie le coût des capitaux propres des entreprises européennes cotées sur l’indice STOXX 600. Nous mobilisons le modèle de Fama et French étendu au carbone afin d’identifier les écarts entre des titres brown et des titres green. De plus, on constate que la performance carbone s’apprécie différemment en fonction des secteurs d’activités. Ce constat incite les investisseurs à identifier et à choisir les sociétés qui s’engagent à réduire leurs émissions de carbone, réduisant ainsi le coût de leur capitalFrom a financial point of view, the carbon metric is complex to define and measure. Nevertheless, carbon plays a major role in investors' analysis and decision-making strategies, as it has a direct influence on the valuation of companies. The literature shows that the cost of carbon has a significant influence on the cost of equity. This link allows us to set out three major hypotheses based on risk modulation, the search for legitimacy and investor preference. We were able to identify various types of carbon indicator. Our work then consists of associating these hypotheses with the indicators in order to identify different portfolio management strategies. Such strategies are guided by investors' intentions, which vary according to their personal commitment, their level of constraint and their environment. Investors then legitimate their portfolio mix on the basis of different assessments of this data. We show that carbon data modifies the cost of equity capital for European companies listed on the STOXX 600 index. We use the Fama and French model extended to carbon in order to identify the differences between brown and green stocks. In addition, we found that carbon performance is assessed differently depending on the business sector. This finding encourages investors to identify and choose companies that are committed to reducing their carbon emissions, thereby reducing their cost of capital
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Tomanová, Lucia. "Analýza vývoje preferencí investic zadavatelů reklamy do jednotlivých mediatypů v ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-5596.
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The main topic was the analysis of media investments to TV and internet, what are the trends of investment preferences to various media types and what factors influence these preferences. At the end I made a prognosis how will the TV and internet investments progress in next ten years.
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Wiesel, Moritz K. H. "Investing, personality and social preferences : essays on the psycho-graphics of US individual investors." Thesis, University of St Andrews, 2017. http://hdl.handle.net/10023/15599.
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In three essays, I investigate whether investors' social preferences and personality traits can help explain individual investors' investment decisions. The first essay investigates whether investors' social preferences are associated with three measures of engagement in socially responsible investments (SRI): (1) 'interest' in investing, (2) the likelihood of having invested, and (3) the share of the portfolio invested. The results suggest that investors' social preferences are positively associated with the reported 'interest' investors have in investing in SRI, and the likelihood that investors have invested in SRI in the past. I do not find evidence that investors' social preferences are associated with the share of their portfolio invested in SRI. This pattern is consistent with a 'warm glow' interpretation of investor motivation to hold SRI. The second essay explores whether investors' personality traits - linked to prosocial behaviour - are associated with two measures of engagement in SRI: (1) 'interest' in investing, and (2) the likelihood of having invested. The findings suggest that prosocial personality traits are related to both the 'interest' investors' report in investing in SRI, and the likelihood that investors' have invested in SRI in the past. What is more, investors' aversive personality traits are also associated with the likelihood that investors' have invested in SRI in the past. Together, these results suggest that both 'altruistic' and 'selfish' motivations drive investors' engagement in SRI. The third essay investigates whether investors' personality traits - linked to risk taking - are associated with four measures of financial risk taking. The evidence I uncover in the third essay paints an unclear picture, on the whole the evidence suggests that investors' personality traits are not very important characteristics when it comes to financial risk taking.
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Jana, Stephanie [Verfasser]. "The Concept of Decision Useful Information : disclosure quality, investors’ preferences and information processing / Stephanie Jana." Berlin : ESCP Europe Wirtschaftshochschule Berlin, 2020. http://d-nb.info/1221141503/34.
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Larsson, Frans. "The Greenium : A study of pricing on the fixed income market." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377043.
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This thesis studies the yield differential between green bonds and conventional bonds, the so called green premium or "greenium". By deriving a theoretical model that includes investors' preferences for green assets, two hypothesis are formulated: There exists a negative green bond premium and The negative premium is larger in absolute terms in countries with high environmental performance. In order to estimate the premium, synthetic conventional bonds are constructed having the same characteristics as the green bonds. Two different matching methods are used to construct the synthetic bonds, one based on maturity and one based on correlation. The findings of this study suggest a significant negative green premium between -0.29 and -0.78 basis points. Also, the green premium is more than twice as large, in terms of absolute value, if the issuer is based in a country which has a high environmental performance.
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Janicot, Louis. "L'obligation d'information de l'investisseur envers les marchés financiers : étude critique." Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01D082.
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Face au développement de l’activisme, l’obligation d’information qui pèse sur l‘investisseur, lorsqu’il acquiert des titres de sociétés cotées, est appelée à ajouter un rôle central au-delà de celui qu’elle a dans le dialogue actionnarial et dans la prévention des prises de contrôle rampantes. Bien que cette obligation ait été considérablement renforcée, les alternatives de contournement dont elle fait l’objet invitent à s’interroger sur l’efficacité des déclarations qui la composent et sur celle de leurs sanctions. Une analyse de ces mécanismes montre que le développement des techniques de démembrement des titres de capitaux et l’usage des contrats financiers dérivés, couplés aux stratégies toujours plus inventives de la pratique, font toujours peser de réels risques de contournement. De plus, les sanctions traditionnelles de ces obligations sont difficiles à mettre en œuvre. Si la répression des abus de marché a été largement redynamisée depuis 2016, les infractions spécifiques aux obligations d’information de l’investisseur restent essentiellement désuètes. Enfin, le recours à la responsabilité civile demeure très délicat. La mise en place d’une obligation d’information de l’investisseur sur le marché, qui soit cohérente et complète, implique à la fois de combler les insuffisances dans les déclarations obligatoires de l’investisseur et à réfléchir aux moyens de garantir l’application effective des mécanismes de sanctions ainsi que ceux de la responsabilité pénale et civileWith the rise of shareholder activism, the investor duty of disclosure on the capital market is called to play a central role in addition to the one it already has in shareholder dialogue and the prevention of creeping takeovers. Although this obligation has been considerably strengthened, attempts to circumvent it call the effectiveness of both its declaration and sanction mechanisms into question. An analysis of these mechanisms shows that the development of the dismemberment of capital rights and the use of financial derivatives coupled with the increasingly inventive strategies of the practice weighs real risks of circumvention. Besides, the sanctions of these obligations are difficult to implement. While market abuse sanctions have largely been reinvigorated since 2016, specific offenses linked to the breaches of these obligations are essentially obsolete. Finally, civil liability mechanisms remain very difficult to implement. The establishment of a coherent and comprehensive information mechanism involves fillings gaps in the investor’s duty of disclosure and considering how to ensure the effective application of the sanctions as well as the criminal and civil liability mechanisms
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Barbosa, Claudio Alan de Melo. "Análise comparativa dos modelos CAPM tradicional e condicional : um estudo de caso do clube de investimento AIVALE." Universidade Federal do Espírito Santo, 2009. http://repositorio.ufes.br/handle/10/5974.
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Previous issue date: 2009-06-17O Modelo de Precificação de Ativos Financeiros (CAPM) compara ou correlaciona os retornos da ação individual com os retornos de mercado pelo índice de risco chamado Beta. O mercado é um padrão ou denominador comum para a obtenção do que é conhecido como risco não diversificável, também chamado, de risco sistêmico. De forma que foi realizado um estudo comparativo entre dois tipos de precificação de ativos, CAPM tradicional e CAPM condicional, sendo que, este último utiliza o modelo GARCH-M, capaz de incorporar a variância condicional em sua estimação. O mercado financeiro brasileiro, no decorrer dos últimos anos, foi palco de um grande crescimento e consolidação do Brasil perante a comunidade nacional e internacional. Diante disso, a Bovespa, na tentativa de tornar a prática de investimento em ações mais ao alcance da população brasileira regulamentou os Clubes de Investimento, proporcionando a entrada de investidores de pequeno porte, porém estes, unidos em clubes, acabam por se tornarem investidores de grande potencial; e o clube de investimento AIVALE, foi um dos quais em pouco tempo de criação apresentou um grande ganho em seu patrimônio. Foi possível estudar o comportamento de sua variância, e determinar o seu Beta baseado no melhor modelo
The Model for Pricing of Financial Assets CAPM compares or correlates the returns of individual action with the returns of the market by risk index called Beta. The market is a pattern or common denominator to obtain what is known as risk not diverse, also called of systemic risk. So that was a comparative study between two types of pricing of assets, traditional CAPM and conditional CAPM, whereas the latter uses the GARCH-M model, able to incorporate the conditional variance in its estimation. The Brazilian financial market over the past years, was the scene of a major growth and consolidation of Brazil at the national and international community. Thus, the BOVESPA, in an attempt to make the practice of investing in more stock to reach the population regulated investment clubs, allowing the entry of small investors, but these, together in clubs, eventually become investors in great potential, and investment club AIVALE, one of which was soon made to create a large gain in its assets. It was possible to study the behavior of its variance, and determine the best model based on the Beta
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Sivarajan, Swaminathan. "Risk tolerance, return expectations and other factors impacting investment decisions." Thesis, University of Manchester, 2019. https://www.research.manchester.ac.uk/portal/en/theses/risk-tolerance-return-expectations-and-other-factors-impacting-investment-decisions(90fd4076-2d8f-4dc6-8ff3-a1ecd8c0d188).html.
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Do investment portfolios meet the needs and preferences of investors? Can the portfolio selection process be improved? Traditionally, investor preferences have been identified using risk tolerance questionnaires. These questionnaires have recently attracted a fair deal of criticism. However, there has been little focus as to whether the questionnaires are useful in predicting investors' risk-taking behaviour. In this thesis, an explanatory sequential mixed methods approach was employed to find answers to the primary research question: what factors determine risk-taking behaviour in investment decisions? This thesis looked at the risk-taking behaviour of investors in Canada (N=192) and the risk-taking advice provided by financial advisers in Canada (N=155), collectively risk-taking decisions. The results suggested that return expectations and demographic variables were important predictors of risk-taking decisions, whereas risk tolerance questionnaires were not. Further investigation suggested that investment literacy impacted risk-taking decisions while investment experience impacted both return expectations and risk-taking decisions. In a novel contribution by this thesis, additional perspective was provided by qualitative analysis using semi-structured interviews with investors and advisers. From the results of the qualitative analysis, the author suggests that discovery and self-discovery, a consistent approach and a focus on process versus outcome are key attributes valued by both investors and advisers. The thesis concluded with implications and recommendations for stakeholders, including a greater focus on return expectations, more training in discovery for advisers, simulating investment experience for prospective investors and including investment literacy in school curricula.
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Gamel, Johannes [Verfasser], Klaus [Akademischer Betreuer] Menrad, Klaus [Gutachter] Menrad, and David [Gutachter] Wozabal. "Individual Investors and Socially Responsible Investments – Attitudes and Preferences in the Context of Wind Energy Investments / Johannes Gamel ; Gutachter: Klaus Menrad, David Wozabal ; Betreuer: Klaus Menrad." München : Universitätsbibliothek der TU München, 2018. http://d-nb.info/1159703493/34.
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Wu, Ting-yi, and 吳亭儀. "Number Preference, Investor Sentiment and Price Movement." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/88140028093532028582.
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碩士國立中山大學
財務管理學系研究所
104
The purpose of this research is to investigate if any psychological bias regarding to round number heuristics exists in Taiwan equity market, and whether investors governed by number preference suffer extra losses or gain excess returns from their irrationality. I divide investors into three groups－retail, foreign and institution investors to explore this issue from investor level as well. I find that when everyone in the stock market has similar irrational behavior, they might not incur losses, but obtain abnormal returns instead. In this paper, I try to explain the existence of abnormal returns with investor sentiment. Rather than postulating buying or selling directions from yearly Buy-to-Sell Ratio, I employ one more intuitional way to directly observe the investor sentiment variation after seeing stock-price-last-digits reaching particular numbers, which are 1, 6 (just above round number 0, 5) and 9, 4 (just below round number 0, 5). By inspecting the micro-interaction relationship between investor sentiment and future price movement, I provide evidence that some specific price endings do reverse or intensify some investor sentiment. I notice that this distinct change of sentiment may impact intraday investment performance, but only for mega-cap stocks.
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Chang, Jhih-Ning, and 張芷寧. "Default Risk, Investor Lottery Preference and Equity Return." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/8n22xx.
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碩士國立交通大學
財務金融研究所
107
We examine whether stock returns are related to the probability of default, the probability of extremely high payoffs, liquidity, and the systematic default risk. In asset pricing test, we consider market skewness and mispricing factors in addition to Fama-French factors. Our empirical results show that the default risk anomaly may be partly due to the lower systematic default risk. Previous research showed that firms with a high potential for default also tend to have a relatively high probability of extremely high payoffs. However, our results show that only stocks with high liquidity have the above mentioned phenomenon.
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SHIH, PEI-YUN, and 施珮芸. "Corporate Social Responsibility and Risk Premium: The Preference of Investor." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9473ua.
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碩士國立高雄第一科技大學
財務管理系碩士班
106
This study mainly examines whether the company participates in the level of corporate social responsibility to increase the effectiveness of investors, as well as the impact of corporate social responsibility on corporate risk. With Chinese listed company as the research object, the research period is from 2008 to 2015, and the data source chooses from The National Taian Series Research Database (CSMAR). In addition, they consider that the data may have endogenous problems, so the Generalized Method of Moment is used for empirical analysis. Furthermore, they consider the corporate structure of state-owned enterprises and the financial crisis period may bring some impacts. The empirical results of this study show corporate social responsibility has no significant relationship on the underlying risk. There is a positive relationship between corporate social responsibility and risk in Chinese state-owned enterprises. Then, the company's social responsibility is higher, and the risk will increase instantly. Corporate social responsibility can effectively reduce the company under the risk during the financial tsunami. Therefore, the empirical results and the corporate social responsibility of Godfrey’s are consistent with the concept that the company produces similar insurance effect. This study also found that in the period of state-owned enterprise structure and financial crisis, and they can increase the effectiveness of investors due to participating in corporate social responsibility companies. However, they cannot find that the higher risk will cause the more obvious effectiveness of investors. Keywords: Corporate Socia Responsibility, Investors' Utility, State-owned Enterprises, Downside Risk
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LIN, CHIA-HUI, and 林佳卉. "Impact of investor sentiment on gambling preference of Taiwan stock market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3r8tv6.
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碩士國立高雄大學
金融管理學系碩士班
105
This study is conducted to examine the impact of investors’ sentiment on the preference of gambling by analyzing the listed stock in Taiwan stock market during January 2002 to August 2016. According to Kumar’s (2009) method, stock is divided into three types, which are lottery stocks, non-lottery stocks, and other stocks. This study compare individual investors’ and institutional investors’ preference of gambling on different types of stocks. Because investors’ optimistic emotion would increase the demand for lottery stocks, the investors’ sentiment is added to investigate investors’ stock preference. The result of empirical research shows that individual investors have stronger preference for lottery stocks than institutional investors. The more optimistic the investors are, the stronger the preference for lottery stocks investor has. By adding the macroeconomic factors in the time series regression model, it shows that during economic recession, the higher the consumer price index, the consumer confidence index, and unemployment is, the stronger individual investors’ preference for lottery stocks is, which increases the desire for gambling.
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Hsiu-hsian, CHEN. "Investor Rights under US VC Investment Contracts -- How Liquidation Preference, Anti-dilution, and Pay-to-play affect investor payback." 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-1907200516060500.
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CHEN, Hsiu-hsian, and 陳修賢. "Investor Rights under US VC Investment Contracts -- How Liquidation Preference, Anti-dilution, and Pay-to-play affect investor payback." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/13386447818950972632.
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碩士國立臺灣大學
財務金融組
93
Investment professionals adjust their playbook to go with the times. As the collapse of the technology bubble in early 2000’s has instigated changing prospects for the venture capital industry, it has profoundly altered the way how investors structure their deals. Already North American VCs have spent an inordinate amount of efforts in stemming potential losses in all possible avenues of profit or loss. This thesis aims to illustrate the new pattern of deal structure with a real case, a Silicon Valley-based networked storage system company that underwent multiple rounds of private financing in the last four years. Under scrutiny are two clauses related to investor downside protection that always appear in investment term sheets: liquidation preference and anti-dilution, plus another one protecting the firm that gets increasingly popular amongst VC investors lately: pay-to-play. Through modeling the economic outcomes of one Taiwanese venture capitalist’s investments into the firm’s last two rounds, the thesis demonstrate how different deal terms lead to different financial consequences for the investor. The calculation and analysis demonstrates marked quantitative differences regarding investor well-being between varying contract designs. On paper, the ones who get assertive claiming a more favorable deal seemingly attain the upper hand. Yet the readers also have to be aware of the intricate situation that an early-stage lead investor faces when working with the entrepreneurs and the existing investors to strike a deal of new funding. Only when optimal balance is reached between the three interests can the financing truly help the long-success of the venture. Even though it is very unusual for Taiwan-based VCs to play as a lead investor in US VC financing, Taiwanese venture capitalists still need to build the skill set and knowledge base to cope with the new patterns of US VC investment terms and conditions. Only by having a deal’s potential risks well understood and covered can one smartly recoup the investment upsides.
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Hsu, Shih-pin, and 許勢斌. "Study on mutual fund investor''s investment behavior and risk preference after financial crisis." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/639a9r.
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碩士國立中山大學
企業管理學系研究所
97
The subprime mortgage of America caused the global financial crisis. Most invest bankers and brokers were hurt deeply by the financial crisis. Due to the collapse of the financial system, the value of the investor’s assets reduced rapidly. Those investors who invest in the mutual funds are exposed to the high risk. The mutual fund investors become the victims of the herding behavior. People invest in the hot investment market like Brazil, China, Russia etc.. The undue sales of the variable universal life (VUL) and the structure notes have destroyed the faith relationship between the investors and the financial consultants. However, the financial consultants did not show up the investment risk entirely in the process of sales. Therefore the investors neglected the risk which they could bear. For this reason, the risk of their investment behavior also exceeded the limit. Consequently, we discuss the change of the investors’ investment behavior and risk preference of the mutual fund investors.
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Huang, Po-Chen, and 黃伯承. "Relationship Between Firm Value and Investment Preference of Foreign Investment Investor and Investment Trust Investor in Taiwan Stock Market ---- Empirical Study with Home Bias Concept." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/91015629733032472440.
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碩士國立中興大學
財務金融系所
96
This paper is mainly discussing about two major institutional investors’ stock preference --- foreign investment investor and investment trust investor. This paper is trying to use market portfolio concept, we define each stock’s market portfolio weight as the optimal portfolio weight. We calculate each stock’s real portfolio holding weight in total foreign investment investor’s and investment trust investor’s stock holding portfolio, and use the real portfolio holding weight to minus the optimal portfolio weight. Our study define the difference of these two kinds of weight as bias, therefore we will have two kinds of bias --- foreign bias for foreign investment investor and domestic bias for domestic investment trust investor. This paper is trying to figure out that whether foreign bias and domestic bias effect firm value, and what kind of firm characteristics would affect foreign bias and domestic bias. We use random effect model to complete our regression analysis and we have two empirical evidence result. First, foreign bias is negatively related to firm value and domestic bias is positively related to firm value. Second, foreign bias and domestic bias are related to firm characteristics such as sales、EPS、ROE….Etc. The most obviously effective firm characteristics variable for two kinds of biases is firm market value, and this result is in accordance with the research of Chan, Ng and Covrig(2005) 、Kang and Stulz(1997).
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Yang, Su-Chiao, and 楊素嬌. "A Study on the Investor Preference to the Ways of Stock Trading and Its Implications on Market Segmentation." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/06340317031475727120.
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碩士朝陽科技大學
企業管理系碩士班
90
This research aimed at investigated investor preference for the eight way of stock trading and the distribution of their concern on the benefits factors of the stock trading. From the aspects of individual characteristics, life style, benefit segmentation and data source, this research made an analysis and investigation on the basic variables in the best market segmentation of stock trading. With the 500 questionnaires dispatched and the 391 valid questionnaires returned, the obtained data was analyzed with the SPSS statistic software. The data indicated that, on average, 1) the investors’ most preference trading way of stock trading is “Phone Trading” followed by “Net Trading”, with “Wireless Mobile Phone Trading” at the last ranking; 2) The benefits factors that investors concern most are low error rate of account, safety and reliability and low fees; 3) Financial and economic news reports, magazines and mass media are the main data sources for the investors’ decision-making. For the investors’ preferences, this research, after making an ANOVA and factor analysis on the personal characteristics and life style, indicated that investors with the following characteristics preferred the “Person-to-Person Trading” manner: low educational background, being elder, being a professional investor, with higher trading frequency and living in the South. However, investors who are young, single, high educated, student and newfangled were partial to “Net Trading”. In conclusion, this research drew up the market segmentation and the 4P marketing strategy on the basis of the investor preference to the ways of stock trading and the differences in their preference.
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Huang, Yen-hung, and 黃雁紅. "Study on structure product investor''s investment behavior and risk preference after financial crisis, for F bank Hong Kongexample." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/25871477975874110242.
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碩士國立中山大學
高階經營碩士班
98
Abstract In the recent years, there has been a wave of financial globalization and it caused the rapid expansion of financial markets, financial markets become more open, capital flows speeded greatly, and new financial product published in the market, increased the degree of mutual influence. In the 2007, the subprime mortgage of America caused the global financial crisis. Most invest banks such as Lehman Brother and brokers and lots of investors were hurt deeply by the financial crisis and the assets reduced rapidly as well. Due to the collapse of the financial system, lots of banks need to issue new financial product like Dual Currency Deposit (DCD) to customers instead of structure note. However, the new financial products have sold very well, it caused great concern to the government to restrict strictly to financial consultants and establish the classification for investors. The thesis use survey research and collect relevant reference to discuss the change of the investors’ investment behavior and risk preference of the new financial products after the financial crisis. The questionnaire can be divided into four parts which are personal data、investor’s risk attributes、the risk of new financial products and investment related information. In conclusion, we found the level of personal risk and commodity risk inconsistently. For the reason, the investment risk does affect the confidence of investors after the financial crisis. Furthermore, the financial institutions can target the groups of 40-49 year old ages as the future marketing. Most respondents believed that the investment environment between Taiwan and Hong Kong are different in financial policies、financial officers knowledge. Consequently, we wish can provide Taiwan financial institutions for further reference for professional investors with specialized service and qualified financial consultants. Keyword: financial crisis, structured product, risk, investment behavior, survey research
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Kortusová, Anna. "Financování boje proti změně klimatu: Cena zelených dluhopisů a její detereminanty." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-435089.
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Green bonds present a promising tool enabling investors in fixed-income mar- kets to finance environmental projects. Yet, the pricing of green bonds with respect to conventional bonds remains an open question. This thesis in- vestigates the existence of a yield differential between green and equivalent conventional bonds in the secondary market. By matching green bonds with synthetic conventional bonds and performing a fixed effects panel regression of the yield spread, we find evidence of a small negative premium associ- ated with green bonds ("green premium"): as a result of high demand from value-seeking investors, the yield of green bonds is on average 1.12 basis points lower than that of their conventional counterparts. The variation in the magnitude of the green premium with bond characteristics is further examined through a cross-sectional regression. We show that external ver- ification of the bond's green credentials and assurance on its post-issuance allocation report significantly increase the estimated green premium. Finally, the green bond's yield seems to decrease in case proceeds are used to finance new projects, while refinancing existing projects results in an increase in the bond's yield. Our findings provide valuable insights into the field of green bond pricing. While the...
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Shen, Cheng-Te, and 沈政德. "A Study of Investors Ethical Investment Preference." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/63415227126553808576.
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碩士亞洲大學
會計與資訊學系碩士班
100
Investors in the stock market can influence corporate social policy which decided by the management through their investment decision. The objective of this research is to examine the relationship between perfectionism and high-quality conscious of decision-making style, expressive decision frame, the conscious of ethic and the preference of CSR investment decision by investor. The result of this study, based on both paper-questionnaire and web-questionnaire survey of individual investors in Taiwan, suggests that there is positively and significantly relationship between perfectionism and high-quality conscious of decision-making style and the preference of CSR investment decision. In addition, there is also positively and significantly relationship between expressive decision frame and the preference of CSR investment decision. However, the hypothesis of positive relationship between the conscious of ethic and the preference of CSR investment decision by investor is unsupported. At last, we discuss the implications in both theory and identify some practical implications of marketing strategies related to SRI funds. Besides, we also provide some tentative indications of future research.
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Yang, Kai-Wen, and 楊凱文. "How institutional investors preference in small-cap stocks?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/22652669014331651021.
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碩士國立高雄第一科技大學
財務管理研究所
101
According to the research methods of Blume and Keim (2008) divided into the stock market capitalization quintiles, explore the preferences of different cap stocks held by institutional investors, particularly in the small-cap stocks as the main discussion. The research is divided into the following three parts. The first part is held by mutual funds the stock preferences found that institutional investors prefer small-cap stocks than large-cap stocks. The second part is the Fund''s holdings preferences change over time, the study showed no significant change in the trend, and the trend of the ratio of small-cap stocks held by the fund and Monitoring indicator time trends similar. The third part is to explore the different sizes of the fund''s holdings preferences and found that the ratio of small-cap stocks are held in small-cap fund were higher than the ratio of small-cap stocks held in large-cap funds, which means that small-cap funds more prefer to hold small-cap stocks than large-cap fund.
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Huang, Chun-Kai, and 黃俊凱. "The Trading Preferences of Institutional Investors in Taiwan." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/03477355905316388982.
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碩士國立東華大學
企業管理學系
97
This paper examines the holding preferences and performance of institutional investors in the Taiwan stock markets. Institutional investors have shifted their preferences toward larger, lower systematic risk, lower book-to-market ratio, lower liquidity stocks, and more firms in financial industry over time. These changes in aggregate preferences have arisen primarily from changes in the preferences of different institutional investor, rather than changes in the importance of different investors. When conditioning on different market states (up and down market), we find that foreign investors (FIs) and security investment trust companies (SIFCs) will show converse preferences. Additional analyses investigate the relationship between changes in institutional ownerships and returns in both large and small stocks. Our results reveal that SIFCs will have better contemporaneous performance than FIs in both large and small stocks. Furthermore, only FIs exhibit ability to forecast subsequent security returns in large stocks. Our evidence suggests that institutional investors have different level of information advantage.
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Xu, Jin doctor of finance. "Two essays on stock preference and performance of institutional investors." 2008. http://hdl.handle.net/2152/17918.
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Two essays on the stock preference and performance of institutional investors are included in the dissertation. In the first essay, I document that mutual fund managers and other institutional investors tend to hold stocks with higher betas. This effect holds even after precisely controlling for stocks’ risk characteristics such as size, book-to-market equity ratio and momentum. This is contrary to the widely accepted view that betas are no longer associated with expected returns. However, these results support my simple model where a fund manager’s payoff function depends on returns in excess of a benchmark. For the manager, on the one hand, he tends to load up with high beta stocks since he wants to co-move with the market and other factors as much as possible. On the other hand, the manager faces a trade-off between expected performance and the volatility of tracking error. My model thus shows that the manager prefers to choose higher beta than his benchmark, and that his beta choice has an optimal level which depends on his perceived factor returns and volatility. My empirical findings further confirm the model results. First, I show that the effect of managers holding higher beta stocks is robust to a number of alternative explanations including the effects of their liquidity selection or trading activities. Second, consistent with the model predictions of managers sticking close to their benchmarks during risky periods, I demonstrate that the average beta choice of mutual fund managers can predict future market volatility, even after controlling for other common volatility predictors, such as lagged volatility and implied volatility. The second essay is the first to explicitly address the performance of actively managed mutual funds conditioned on investor sentiment. Almost all fund size quintiles subsequently outperform the market when sentiment is low while all of them underperform the market when sentiment is high. This also holds true after adjusting the fund returns by various performance benchmarks. I further show that the impact of investor sentiment on fund performance is mostly due to small investor sentiment. These findings can partially validate the existence of actively managed mutual funds which underperform the market overall (Gruber 1996). In addition, when conditioning on investor sentiment, the pattern of decreasing returns to scale in mutual funds, recently documented in Chen, Hong, Huang, and Kubik (2004), is fully reversed when sentiment is high while the pattern persists and is more pronounced when sentiment is low. Further results suggest that smaller funds tend to hold smaller stocks, which is shown to drive the above patterns. I also document that smaller funds have more sentiment timing ability or feasibility than larger funds. These findings have many important implications including persistence of fund performance which may not exist under conventional performance measures.text
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Lin, Chia-Hua, and 林佳華. "Dynamic asset allocation for long-term investors diverse risk preference." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/01439966638248425278.
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碩士國立政治大學
保險研究所
92
In this study, we investigate the dynamic mutual fund separation theorem applied to portfolio management for constant relative risk averse investors where, in particular, the interest rate risks are incorporated. Within this economy, the real interest rates and stock prices are assumed to follow the Markovian processes whose drifts and diffusion parameters are driven by certain state variables. Our approach involves the use of the martingale methodology developed by Cox and Huang (1989) as proposed in the work of Deelstra et al. (2003). Following their framework, we consider the economy of the investors that consists of cash, bond fund and stock indices. Adding to the previous works, we investigate the obtained optimal strategies through numerical examples in order to be compared to the allocations of popular advice and clarify the hedge and arbitrage demands in financial decision from long-term perspective. Finally, certain mutual funds are constructed to validate the validity of the popular advice.
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Lee, Chiu-Wei, and 李秋微. "Research on Stock Investors Cognition and Preference of Financial Commodities." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/8ta9xv.
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碩士國立臺灣科技大學
管理研究所
107
With the transformation of the domestic economic environment, the status of the capital market increasing and the environment of low interest rates, people is getting to place importance on investments and think of them intensely. People who like to do financial planning are more efficient to accumulate the wealth than those who do not. Those who are not good at investments can only accumulate the wealth by the addition growth approach while those who are good at investments can accumulate the wealth by the multiple growth approach with the assistance of compound interest. To effectively accumulate the wealth, financial knowledge is the necessary to learn know-how for the investors. To have money bring money is the key of financial management. Therefore, establishing the correct concept on financial management is important starting from the very beginning. For the past few years, to invest in the stock market has become the most commonly used investment tool for the people in Taiwan. And the character of investors would influence their attitude on risk tolerance. This study mainly focus on the analysis of the perceptions and preferences of domestic investors on stock products, and further explores how the investors' characters and attitude would influence their choices and perceptions on stocks, and then take the result as references for security firms and stock market investors. The study is conducted through literature discussion and in-depth interviews with domestic senior investment experts. And set gender, age, marital status, length of service, education level, occupation type, family annual income and investment stock experience as background variables. And then set characters of the investors as an intrinsic variable, set the investment subjects and the income of investors as the number of strains, and consider the external variables such as the overall environment (fundamental) and the investment trend (technical side) as variables. The outcome of research discovered that the gender is the most significant difference among the variable difference analyses in the background of investors. Age and family annual income would only make the difference from the cost of invested capital. In addition, the analysis of variables discovered that (1) the perceptions and preferences of stock investors are closely associated with their characters and risk-taking. (2) There are significant differences between men and women in the variables of risk-taking and investment preference. The male investors are high risk-taking with active adventure characters while female investors are prone to stable income as their investment preference. (3) And there is no significant difference in terms of the sources structure of information by taking the analyses of fundamental, technology, chips and information surface as the main investment reference. (4) And the differences of the characters of investors would bring differences in the performance of investment. (5) To invest in electronic stocks and traditional industrial stocks are highly preferred in terms of investment targets.
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Wu, Chao-Yi, and 吳昭億. "Relationship between Investor Sentiment and Gambling Preferences in the Options Market." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/72693797473392034900.
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博士國立高雄第一科技大學
財務金融學院博士班
103
This dissertation use Taiwanese index options from 2002 to 2007 to investigate the relationship among investor’s sentiment, gambling preferences, and profit. The empirical results show that investor sentiment is positively correlated with gambling preferences. This phenomenon is especially apparent in retail investors. As a whole, these investors make negative profit from their investments whereas domestic and foreign institutional investors, as well as market makers, make positive profit during the whole sample period. We also discovered that investor sentiment is negatively correlated with profit. This research also studies the impact of investors’ previous profit on their sentiment and gambling preferences. The empirical results coincide with prospect theory; if the investors’ previous profit is negative (positive), then their subsequent gambling preferences will increase (decrease), and their subsequent sentiment will be more bearish (bullish).
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Tseng, Tung-Hsuan, and 曾彤暄. "An Examination on the Investment Preferences of Foreign Investors." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/5dsx7f.
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碩士中原大學
會計研究所
99
The increasing deal proportion of foreign investment pushes Taiwan government and firms to actively draw foreign investors’ attention. However, quite a few institutional investors are limited or even forbidden to invest in speculative grade firms or hold non-investable grade firms. The complication and inaccessibility of firms' information causes information asymmetry problem between firms and the public. Investors should consider risk prior to profits. Credit risk rating therefore has important meaning to public investors. However, whether the rating plays an important role in the smart investor’s decision-making is an empirical question. This paper adopts panel data model and censored regression model to examine firms listed on the TSE and OTC from 1998 to 2009, because the data is cross-section and time series assembled and the foreign investment still has upper limitation in Taiwan security market till Dec 30, 2000. As the empirical results show, the higher a firm is graded, the more its shares are held in the portfolio of foreign investors. Namely, firms should be dedicated to upgrade their risk rating to attract the investments of foreign investors.
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Chih-Hung, Hsu. "Tax-induced Shareholder Ownership Transfer and Dividend Preference among Different Investors." 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-2107200611420900.
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Hsu, Chih-Hung, and 許志鴻. "Tax-induced Shareholder Ownership Transfer and Dividend Preference among Different Investors." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/95036104271373703353.
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碩士國立臺灣大學
財務金融學研究所
94
Since Miller and Modigliani first to introduce the Tax Clientele Effect in 1961, this theory has always been hot issue in academia. This study uses the data of shareholders ownership transfer between Shareholders Meetings Day and Ex-Dividend Day to test the tax clientele hypothesis. Our evidence supports the tax clientele effect. We also find that small individual investors prefer Tech-related firms to Non-tech related firms among high tax-creditable-ratio firms. Besides, we also use this data to explore the dividend preference among different investors. Our evidence indicates that domestic major individual investors tend to sell their holdings of firms that pay dividends, while QFII prefer those firms with both high dividend yields and stock dividends. We also find that domestic corporate investors play a special role which worth further study.
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Chang, Hsuan, and 張軒. "An Exploration of Senior Investors' Preference for Mobile Trading Service." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/44013182159248544091.
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碩士世新大學
企業管理研究所(含碩專班)
100
With the development of mobile technology, using smart phones is in depth for human daily life. The upgrading of mobile technology brings convenient and helpful to people. The demand for mobile applications increases day by day. The preference of using mobile trading application for the senior securities investors is discussed in the research. This study will exclude the object from investors who are less experience in the securities. The study focuses on the investors’ age between 35 and 55 years old, several years of working experience, plentiful securities investment funding, and having at least 5 years experience in securities investment. The interview subjects are Securities investors who are quite familiar with securities investment. From the one-on-one interviewing, the research let people understanding the behavior of using 3C technology and products, the habits of using mobile phone to surf the Internet, the preferences for the mobile application functions that are provided by Securities Dealers, as well as the expectation of mobile application functions for securities trading. Through this study, the research results provide the reference of the future mobile securities trading for securities dealers.
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Wang, Yi-ting, and 王依婷. "The Analysis of Trading Preferences among Various Types of Investors." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/45699294138322038150.
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碩士國立中正大學
會計與資訊科技所
95
This thesis investigates whether there are specific trading preferences for stock characteristics among various types of investors in Taiwan stock markets. By examining the stock trading, we apply the methods of statistical regression and data mining to investigate whether the investors with different characteristics, such as gender, wealth levels, and trading frequency show any preferences with respect to different stock characteristics, such as EPS, dividend yield, market-to-book, and prices. The results show that in general, investors in Taiwan show greater trading preferences for newly listed stocks and stocks with higher beta, lower dividend yield, greater EPS, lower prices, higher P/E ratios, and larger sizes. However, female investors, less wealthy investors, investors living in the North region, investors with less trading frequency, and less experienced investors are more likely to trade stocks that are more risky and have more volatility and growth potential in the future.
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Ye, Q., Yuliang Wu, and J. Liu. "Institutional preferences, demand shocks and the distress anomaly." 2018. http://hdl.handle.net/10454/15822.
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YesOur paper examines the distress anomaly on the Chinese stock markets. We show that the anomaly disappears after controlling for institutional ownership. We propose two hypotheses. The growing scale of institutional investors and changes in institutional preferences can generate greater demand shocks for stocks with low distress risk than those with high distress risk, causing the former to outperform the latter. Consistent with our hypotheses, the growth of institutions explains the anomaly when the institutional market share increases rapidly. We also show that institutional preferences for stocks with low distress risk have significantly increased over time and changes in preferences also explain the anomaly. Finally, momentum trading and gradual incorporation of distress information cannot account for the anomaly.
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Filiz, Ibrahim. "Biases and Heuristics in Portfolio Management – Determinants for non-optimal Portfolio Diversification." Doctoral thesis, 2019. http://hdl.handle.net/11858/00-1735-0000-002E-E5A5-7.
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Nahmer, Thomas. "Financial Market Actors: Cognitive Biases, Portfolio Diversification and Forecasting Ability." Thesis, 2019. http://hdl.handle.net/11858/00-1735-0000-002E-E630-5.
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Wu, Chiu-Wen, and 吳秋雯. "A study on the Preference of foreign investors relate with Taiex Futures." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/66331649408176895923.
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碩士銘傳大學
財務金融學系碩士在職專班
104
This paper focuses on the highly increased futures and spots trading volume of foreign investors since the limit of individual investor was canceled at 2003. The net capital inflow during 2003 to 2014 has escalated to 192.445 billion USD and the trading volume of futures has grown from 4,664,638 to 12,473,574 contracts. Data period is January 2009 to July 2015, totaling 7.5 years. Taking 4 kinds of preference for the market from foreign investors, 4 kinds of index (return on Taiex, return on Taifex, total traded volume of Taifex, and OI of Taifex) into regression model. The findings are: 1. When the preference of foreign investors is in proportion of their net buy of the month and their accumulated net capital inflow of the month. (1) The return on Taiex of last month affects foreign investors’ willing to invest at current month, while the preference of foreign investors has an effect on the return on Taiex of current month. (2) The amount of net buy and net capital inflow from foreign investors has a positive effect on the return on Taiex, the return on Taifex, and the traded volume of Taifex. (3) If we take the constant out of consideration, the total traded volume has no connection with the preference of foreign investors, and the preference of foreign investors has no connection with the OI of futures. 2. When the preference of foreign investors is in proportion of their net buy of the month and their accumulated net capital inflow of last month. (1) The return on Taiex of last month affects foreign investors’ willing to invest at current month, while the preference of foreign investors has an effect on the return on Taiex of current month. (2) The amount of net buy of current month and the amount of net capital inflow of last month from foreign investors has a positive effect on the return on Taiex, the return on Taifex, and the traded volume of Taifex. (3) If we take the constant out of consideration, the total traded volume has no connection with the preference of foreign investors, and the preference of foreign investors has no connection with the OI of futures.
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Lin, Shiu-man, and 林秀蔓. "A Study of By Investor’s Risk Preference to Construct Portfolio." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/70093339143846604616.
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碩士東吳大學
資訊管理學系
100
In this study, the domestic ETF for the study 11 files, 11 files ETF calculation of return on account of variance, and calculate the 11 files ETF's covariance matrix, then the expected return - variance portfolio models Calculating the efficient frontier curve , and KYC procedures (investment risk attribute evaluation) classification investor risk preferences, and using the marginal rate of substitution utility function theory to calculate the actual value investor risk appetite, and then substituted into the formula for multiple criteria decision making, risk preferences obtained in the corresponding investment combination. The scope of research data from 2008/08 to 2011/02, to 1 every 18 months period, a total of 13 empirical, empirical results when risk aversion preferences to those who, return on investment than bank deposit interest rates, and research investment results also verify the high-risk high-return, low-risk low-reward theory.