在此篇文章中，我探討台指選擇權市場中，個別投資人的交易行為是否會受到交易人特徵影響。我透過分析個別投資人的交易記錄，並利用行為人特徵，像是投資人獲利能力、交易成熟度和交易經驗，將投資人分為兩組來比較交易行為上的差異。在此次研究中，有以下三種發現：首先，投資人的行為偏誤傾向會受到獲利能力、交易成熟度和交易經驗所影響。再者，交易成熟度越高或是交易經驗越豐富的個別投資人，其投資績效較佳。最後，少數個別投資人具有未來現貨價格預測能力。此次分析結果說明了選擇權市場中的個別投資人存在交易行為異質性，且交易人特徵與交易行為及交易績效有關。

In this study, I investigate whether individual investors’ characteristics affecting their trading behavior in TAIEX options market. I observe the trading records of individual investors and classify them into two groups based on their trading characteristics including trading performance, sophistication, trading experience. There are three findings in our study: First, I find evidence that the behavioral biases of individual investors with different characteristics are significantly divergence. Second, I propose that more sophisticated and experienced individual investors have better performance. Third, there are a few informed traders within individuals in the TAIEX options market, and they have significant predictive ability for future underlying asset prices. The article sheds light on the heterogeneity of individual investors in options trading, and the relationship between investors’ characteristics, trading behavior and trading performance.

Abstract i
Table of Contents iv
List of Tables v
1. Introduction 1
2. Related literatures 2
2.1 The relevance of trader’s characteristics to behavioral biases 3
2.2 Individuals’ characteristics and trading performance. 4
2.3 The predictive power of traders in financial markets 4
3. Hypotheses and Data 5
3.1 Hypotheses 5
3.2 Data 7
4. Methodology 8
4.1 Definition of sophistication and experience 8
4.2 Measures of behavior bias 10
4.3 Measures of performance 11
4.4 Test for predictability 12
4.5 Test for predictability of different options leverage 13
5. Empirical results 13
5.1 Behavioral bias 13
5.2 Trading performance 15
5.3 Predictability 15
5.4 Predictability of different options leverage 16
6. Conclusions 18
References 20

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