本地偏誤(Home bias)是指投資人傾向於交易位於當地公司的資產或是股票，原因分成兩種：一.投資人注意力有限，無法同時獲取所有資產或股票資訊，因此選擇自己更加熟悉的標的；二.當地投資人認為自己對於該地資產與他人相比擁有更多資訊而過度交易。本文將以台灣最著名的新竹科學園區為例，利用2016~2018所有股票在全台每間券商的交易日資料，計算新竹當地資產之過度交易率，並與其他四個主要地區互相比較，以此驗證 (i) 本地偏誤現象是否還存在 (ii) 分析新竹地區該現象確實為本地偏誤或是單純的投資策略 (iii) 在相同的環境條件下投資人注意力和投資人情緒哪項因素對本地偏誤有更加顯著的影響。

Home bias means that investors tend to trade stocks or assets whose headquarters located in their hometown. There are two reasons to explain to the behavior. First one is that investors’ attention is limited, so they can’t acquire information about all stocks at the same time. Second, local people think they have more informational advantages on local assets than other people, so they trade them excessively. This paper uses Hsinchu Science Park, which is the most famous science park in Taiwan as an example. Calculate Hsinchu assets’ excessive trading ratio and compare with four main countries by using 2016-2018 daily trading data. Verify (i) Whether there is still a home bias or not (ii) Analyze the phenomenon is a real home bias or just a special investment strategy. (iii) Under the same precipitation conditions, investor sentiment and investor attention which factor has more powerful effects on home bias.

第一章 序論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 5
第二章 文獻回顧 7
第三章 資料來源與研究方法 15
第一節 資料來源與樣本選取 15
第二節 研究方法 18
第三節 變數說明 19
第四章 實證結果及分析 21
第一節 敘述性統計分析 21
第二節 實證結果分析 22
第五章 結論 31
參考文獻 33
附錄 59

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