財金系擬於 4/11(五) 邀請 Prof. 郭維裕，至本所進行專題演講，相關訊息如下：

時間: 4/11(五) 10:30-12:00

地點: 管理學院一號館4F 405室

演講人: Prof. 郭維裕

講題: Cognitive Limitation and Investment Performance: ?Evidence from Limit Order Clustering

Abstract:

We hypothesize that cognitive limitation may be manifested in a disproportionately large 

volume of limit orders submitted at round-number prices if investors use these numbers as 

cognitive shortcuts. Using detailed limit order data in the Taiwan Futures Exchange, we find 

that investors with lower cognitive abilities, defined as higher limit order submission ratios 

at round numbers, suffer greater losses in their round-numbered and non-round-numbered limit 

orders, market orders, and round-trip trades. The positive correlation between cognitive 

ability and investment performance is monotonic and robust across futures and options markets. 

In addition, past trading experience helps to mitigate the cognitive limitation.