本論文以首次交易的經驗為出發點，探討首次交易之損益是否會影響後續交易行為。利用首次交易經驗的四個變數(報酬率、持有時間、是否為當沖和是否為多單)，檢視後續交易行為的兩個參數(後續20日之報酬率和後20日之週轉率)。
研究結果顯示，後續20日之報酬率和首次的報酬率有著負向的關係，說明投資人的行為的確會受到首次交易的好壞而受到影響，但其影響是反向的。在研究結果顯示20日後之週轉率和首次交易的持有時間也是呈現負向的關係，由此知投資人有認知失調與處分效果之推論，這可以說明是因為投資人如果首次交易績效欠佳，則會延遲結算期部位，所以與後續之週轉率呈現反向關係。

This thesis examines the effect of the first-trading experience on subsequent trading activities and performance. Specifically, I use four variables (dollars profit, duration, day-trade, long or short) related to investors’ very first trades and examine if they are related to subsequent trading performance and turnover over the following 20 trading days.
The results show that the initial trading performance has a negative relationship with the subsequent 20-day return and turnover. This suggests that investors exhibit behavioral biases such as cognitive dissonance and disposition effect.

中文部分：
1. 李建琮，1996年，台灣經理人過度自信行為與公司投資相關性研究，碩士論文，國立中山大學財務管理學系。
2. 周賓凰，2002年，行為財務學：文獻回顧與展望，證券市場發展季刊。
3. 周賓凰，2002年，認知失調與其財務研究之應用，國立中央大學財務金融學系。。
4. 陳虹霖，2001年，國內共同基金投資人過度自信行為之研究，碩士論文，國立台灣大學財務金融學系。
5. 張傳章，周賓凰，賴弘能和王耀輝，2006年，台灣期權市場投資人下單行為與結算違約風險相關性研究，台灣期貨交易所委託研究計畫成果報告。
6. Jack Bemstein，2008年，投資心理學(中文譯本)，財信出版。
7. John R. Nofsigner，2010年，投資心理學(中文譯本)，培生出版。
英文部分：
1. Ackert, L. F., Church B. K., Deaves R.，Emotion and financial markets, Economic Review – Federal Reserve Bank of Atlanta，2003
2. Barber, Brad M., and Terrance Odean, 2000. Trading is hazardous to your wealth: The common stock investment performance of individual investor. Journal of Finance 55, 773-806.
3. Barber, Brad M., and Terrance Odean, 2001.Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics 116, 261-292.
4. Barber, Brad M., and Terrance Odean, 2002. Online investor: Do the slow die first? Review of Financial Studies 15, 445-487.
5. Barber B.M., T. Odean, and L. Zheng, 2000, “The behavior of mutual fund investors”, working paper
6. Benos, A. V. 1998. Aggressiveness and Survival of Overconfident Traders. Journal of Financial Markets, 1(3-4), 353-383.
7. Gervais, Simon, and Terrance Odean, 2001. Learning to be overconfidence. Review of Financial Studies 14, 1-27
8. Han, Bing, Yi-Tsung Lee and Yu-Jane Liu, 2009.Investor trading behavior and performances: Evidence of Taiwan stock index options. Working paper.
9. Odean, Terrance,1999. Do investor trade too much? American Economics Review 89, 1279-1298.
10. Odean, Terrance. 1998. Volume, Volatility, Price, and Profit When All Traders Are Above Average. Journal of Finance, 53(6), 1887-1934.
11. Shu Pei-Gi, Yin-Hua Yeh, Shean-Bii Chiu, Hsuan-Chi Chen, 2005. Are Taiwanese individual investors reluctant to realize their losses? Pacific-Basin Finance Journal 13, 201-223
12. Shefrin, H. and M. Statman，The disposition to sell winners too early and ride losers too long: Theory and evidence，1985
13. Shu, Pei-Gi, Shean-Bii Chiu, Hsuan-Chi Chen, and Yin-Hua Yeh, 2004,Does Trading Improve Individual Investor Performance？, Review of Quantitative Finance and Accounting 22, No. 3, 199-217.
14. Statman, Meir, Steven Thorley, Keith Vorkink, 2006. Investor overconfidence and trading volume. Review of Financial Studies 19, 1531-1565.
15. Odean Terrance，Are Investors Reluctant to Realize Their Losses？Journal of Finance，1998
16. Thaler, R. H.，Toward a positive theory of consumer choice，1980