Paper Title
Stock Traders’ Disposition Effects and Contrarian Behavior: Evidence from The Taiwan Stock Exchange

Abstract
This study examines stock traders’ disposition effects and contrarian behavior in the Taiwan Stock Exchange. Specifically, we provide information on the following research objectives. 1) We first investigate disposition effects across all trader types. 2) If disposition effects really exist, we further examine the relationship between disposition effects, investor types, and order characteristics. 3) We continue to explore contrarian and/or momentum behaviors. 4) If contrarian and/or momentum behaviors do exist, we further analyze the link between contrarian/momentum behaviors, investor types, and order characteristics. 5) Finally, we examine the link between trader types, order characteristics, and investment performance. Our results are as follows. 1) Disposition effects are stronger for individuals than for other traders. 2) The foreign investors, mutual funds, and individuals are more unwilling to use aggressive orders to sell losers, but they are willing to use large orders to sell losers; the other institutions are opposite. 3) The individuals tend to perform contrarian strategies, but mutual funds are inclined to be momentum traders. 4) Institutional traders are more informed than individuals. 5) The individuals and foreign investors have better performance on sell orders than buy orders; mutual funds and other institutions in contrast. Index terms- Investor types, order submission, order size, trading behavior