本研究利用獨特的資料來驗證各個種類的台灣投資人在選擇權市場上對資訊的反應，從中發現了三個有趣的結論。第一，台灣選擇權市場上的投資人普遍都對資訊反應不足，但是在這之中，國外法人(外資)對資訊反應不足的程度是最低的。第二，大部份的投資人對之前不被期望的瞬間變異數變動的程度有過度的反應，而國外法人則不。三，全部種類的投資人對不被期望的瞬間變異數變動的程度會有持續的過度反應(反應不足)，但只有國外法人卻會吸收之前的錯誤經驗並調整選擇權的交易價格而不再有對資訊持續增加的錯誤反應。

In this paper, we use a unique dataset to examine the TAIEX options market reaction from various investor classes. We provide three findings in this article. First, we find that on average investors underreact to intra-day changes in instantaneous variance but the level of foreign institutional investors is the lowest. Second, most investors adjust too much according to prior unexpected change of instantaneous variance, except for the foreign institutional investors. Finally, all investors tend to continuously underreact (overreact) to the unexpected
changes in instantaneous variance, but only the foreign institutional investors would learn from their prior underraction and well-adjust their option transaction prices.

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