本研究依據顧廣平（2017）所提出之研究假說與實證方法，針對2001年1月至2016年12月間，於臺灣證券交易所上市或中華民國證券櫃檯買賣中心上櫃之普通股股票為研究對象。
本研究利用前後期月營收宣告，研究不同類型的投資人（法人與自然人）如何反應持續一致的月營收績效，以及探討法人與自然人是否存在不同之行為偏誤。結果發現不論是法人或是自然人對於月營收宣告均存在代表性偏誤，會使投資人對前期的營收產生過度反應，隨後價格修正反轉，但法人成交比重的高低對此結論無顯著影響。此外，結果顯示未預期營收具有顯著的資訊內涵，以及法人成交比重之多寡會對營收宣告產生負向的效果。

Based on the research hypothesis and empirical method proposed by Ku (2017), this paper focuses on the common stock listed on the Taiwan Stock Exchange or Taipei Exchange, and the research period is from January 2001 to December 2016.
This paper utilizes the previous and the following monthly sales announcement to examine how different types of investors (institution investors and individual investors) respond to the consistent monthly sales performance and whether there are different behavioral biases between institution investors and individual investors. The result shows that both institution investors and individual investors have representativeness bias on the monthly sales announcement effect, which will lead to investors overreact to the previous sales announcement, and subsequent price reversal. However, the proportion of institution investors trading has no significant effect on such result. In addition, the results show that unexpected sales have significant information content, as well as the proportion of institution investors trading will have a negative impact on sales announcement.

目錄
謝辭	I
中文摘要	II
英文摘要	III
表目錄	VII
圖目錄	VIII
第一章	緒論	1
第一節	研究動機與背景	1
第二節	研究目的	4
第三節	研究架構	4
第二章	文獻探討	6
第一節	資訊的過度反應與反應不足	6
第二節	營收	8
第三節	行為財務	12
第四節	法人與自然人行為	17
第三章	研究方法	20
第一節	研究假說	20
第二節	事件研究法	27
第三節	未預期營收	29
第四節	營收績效之趨勢指標	30
第五節	法人成交比重	32
第六節	迴歸模式	32
第七節	資料來源與樣本選取	34
第四章	實證結果與分析	36
第一節	營收宣告之資訊內涵	36
第二節	敘述統計	44
第三節	經未預期營收調整後平均累積異常報酬（全部樣本）	47
第四節	經未預期營收調整後平均累積異常報酬（法人與自然人）	50
第五節	經未預期營收與法人成交比重調整後平均報酬	57
第五章	結論	59
參考文獻	61
一、	中文文獻	61
二、	英文文獻	63


表目錄
表1描述前後期營收宣告交互作用之行為模式	26
表2平均異常報酬與累積異常報酬（全部樣本）	37
表3各種較短期事件窗期之統計（全部樣本）	41
表4FM橫斷面迴歸（全部樣本）	43
表5敘述統計（全部樣本）	45
表6敘述統計（分組）	46
表7經未預期營收調整後平均異常報酬（全部樣本）	49
表8經未預期營收調整後平均異常報酬（無）	51
表9經未預期營收調整後平均報酬（低）	53
表10經未預期營收調整後平均報酬（中）	54
表11經未預期營收調整後平均報酬（高）	56
表12經未預期營收與法人成交比重調整後平均報酬	58


圖目錄
圖1平均異常報酬（全部樣本）	39
圖2平均累積異常報酬（全部樣本）	39
圖3平均異常報酬差異值（全部樣本）	40
圖4平均累積異常報酬差異值（全部樣本）	40

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