The Effect of Psychological Pitfalls on Investors' Reaction and Repurchasing Firms' Motivation

心理偏誤對投資人反應與股票購回公司動機的影響

李樑堅(Liang-Chien Lee) ； 張志向(Chih-Hsiang Chang) ； 蔡佳靜(Chia-Ching Tsai) ； 鄭婷尹(Ting-Yin Cheng)

《Asia Pacific Management Review》 18卷1期 (2013/03) Pp. 1-23+i

https://doi.org/10.6126/APMR.2013.18.1.01

摘要

本研究以臺灣實施股票購回的上市公司為研究對象來調查心理偏誤對資訊發送者（股票購回公司經理人）動機與資訊接受者（機構與散戶投資人）行為反應的影響。我們的實證結果首先發現，雖然股票購回宣告沒有明顯地改變資訊接受者的行為，但是資訊接受者出現心理偏誤。此外，除了因自由現金流量分配而導致的低股價等待外，賭徒謬誤在經理人宣告股票購回的動機上，可能扮演著一個重要的角色。最後，影響機構投資人行為的因素為股價合理性認知、分配現金給股東的可能性認知、購回頻率與內部人買入量；而影響散戶投資人行為的因素為內部人賣出量。

關鍵字

股票購回 ； 心理偏誤 ； 賭徒謬誤 ； 行為財務學

並列摘要

This study uses stock repurchases announced by the Taiwanese listed companies as the subject to investigate the impact of psychological pitfalls on information senders' (repurchasing firm's managers) motivation and information receivers' (institutional and retail investors) behavioral reaction. The empirical results found that although stock repurchase announcements do not obviously change the behavior of information receivers, they demonstrate psychological pitfalls. Furthermore, in addition to the waiting for low stock prices for the distribution of free cash flow, gambler's fallacy may play an important role in the motivations of managers to make stock repurchase announcements. In the end, the influential factors of institutional investors' behavior are the perception of stock price rationality, perception regarding the possibility of distributing cash to shareholders, repurchase frequencies and insider buying, and the behavior of retail investors is influenced by insider selling.

並列關鍵字

Stock repurchases ； psychological pitfalls ； gambler's fallacy ； behavioral finance

參考文獻

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