建議

本研究探討交易機制變動對報酬率、交易量、波動性及行為偏誤的影響，以 及交易機制變動前後的投資人心理狀態和交易決策結果之間的相互關係。然而，

本研究在實證上仍然遇到一些限制，對於後續的研究者，我們提供以下的建議：

1. 本研究的研究期間為 2000 年 1 月 1 至 2017 年 6 月 28 日。由於研究期間的 限制，只探討三項交易機制變動措施的影響。建議後續研究者可以延長研究 期間，以探討更多交易機制變動措施對價、量、波動性及行為偏誤的影響，

以及調查更多交易機制變動前後的投資人心理狀態和交易行為結果之間的 相互關係。

2. 本研究使用事件研究法調查交易機制變動對報酬率的影響，但是事件研究法 中估計期間和事件期間的設計，乃是由研究者主觀認定，因此我們無法排除 前述主觀性影響實證結果的可能性。建議後續研究者可以使用不同的估計期 間及事件期間，以印證其實證結果是否與本篇論文結果一致。

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