公司印象、投資人情緒與過度自信現象：臺灣實證

In this dissertation we study the difference of overconfidence phenomena between firms with better and common corporate images(good and common firms, separately) by the measures suggested by Weber and Camerer (1998) and Tang(2013) etc. Furthermore, we also investigate whether these phenomena are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes the results of Taiwan’s most admired firms by 天下 magazine. The sample period is from December 2009 to December 2014. Our empirical results show that: First, there is a significant difference in the overconfidence phenomena of both two kinds of firms. Second, overconfidence phenomenon of good firms is not less than that of common firms no matter whether sentiment is optimistic or pessimistic. Finally, overconfidence phenomenon with optimistic sentiment is not less than that with pessimistic sentiment in both two kinds of firms.