Data and samples in this study were collected from the Yahoo! Kimo Taiwan Business News Survey Centre, investigating optimism level differences in women and men. It is demonstrated in this study that social mood does have significant effects on an individual’s emotional responses. Women respond more pessimistically than men when the social mood is pessimistic; if the social mood is optimistic, women also respond more pessimistically than men on stock-related topics. These finding are consistent with Jacobsen et al’s (2008) experiment. However, women respond more optimistically than men on non-stock related topics when the social mood is optimistic.
Interestingly, the correlation between the real estate and stock markets is as high as 90%. The real estate prices tend to rise as stock markets go bullish. Since real estate prices are strongly affected by economic factors, real estate properties and transactions are distinctive and not very mutually substitutable, raising real estate speculation prices.
Due to the large sizes of single transaction amounts, real estate purchasers typically apply for mortgages. Purchasers who use leverage to make investments in real estate seek to profit from real estate resale or rental. However, individual’s recurrent revenue may be reduced when economic downturn. This results in increased risk since debts must still be paid even in the face of reduced income. Thus the real estate investment can not be classified to low risk assets. In the past, gold was viewed as a noble metal, attracting
investors looking for a safe investment haven. Deals in the global gold markets are at all times, and gold is quoted in USD. Consequently, investing in gold requires greater awareness of international trends and currency exchange risks compared to investing in stocks or bonds. Gold’s function of store of value, as claimed before, only exists in situations where other factors impacting supply and demand of gold do not exist. If gold’s supply far exceeds its demand, gold prices will plunge. In addition, price fluctuations will also occur across long periods of time. Once investors’ capital is in lockup, long-term holding of gold entails high costs inasmuch as gold does not produce dividends or interest. Large amounts of capital from investors flowed into gold markets following the financial crisis. In addition to hedging, investors also expected gold prices to rebound quickly. Consequently, the Wall Street Journal considered gold a high-risk investment since gold prices would fluctuate wildly and returns would be unpredictable.
With sharp fluctuations in international gold prices in recent years and the speculative natures of real estate market, neither real estate nor gold can be considered low-risk investment targets.
However, females have exhibited optimistic responses stronger than those of men. It is possible that females do not view these investment targets as being high-risk. It is also
and security after they become financially independent. Females prefer gold probably because gold provides confidentiality and also because gold constitutes psychologically value-storing and aesthetically pleasing fortune. As previously studied investment combinations were generally analyzed on the basis of stocks and riskless assets, females were classified as risk-averse investors due to their disfavor of stocks. Future researchers should further include other risky assets in order to clarify this point.
However, the sample of this study consisted of internet users and was limited to the results of news polls on financial topics. As internet use has not reached 100%, inferences are limited to a certain extent. However, with the universality of the internet, the influence of this problem will decrease.
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Appendix Investigation Questions
No Questions
Q1 After political turbulence, do you believe that stock prices will rise or fall in September 2006?
Q2 How do you believe that real estate prices will change in 2007 compared to 2006?
□ Improve dramatically
□ Improve slightly
□ Insignificant or no change
□ Worsen slightly
□ Worsen greatly
Q3 Will the Taiwan stock index reach 10,000 points this year?
□ It definitely will (Optimistic)
□ It may
□ It may not
□ It definitely will not (Pessimistic)
Q4 Should the government open investment to mainland China?
□ Definitely should
□ Probably should
□ Probably should not
□ Definitely should not
Q5 Will you invest in Taiwanese stocks (or Taiwanese funds) after the presidential election?
□ Yes
□ No
□ I don’t know
Q6 Do you want mainland Chinese to invest in Taiwanese stocks?
□ Very much so
□ Yes, to a certain degree
□ No
□ I don’t know
Q7 What are your thoughts as the world faces high inflationary pressure and deep losses in Taiwanese stocks?
□ This is excellent! I can purchase stocks for cheap.
□ This is terrible! Stocks are stuck.
□ I don’t invest. This is irrelevant to me.
Q8 Do you think that oil prices will reach $200/barrel by the end of the year?
□ Yes
□ No
□ Don’t know
Q9 Are you worried that unstable labor insurance finances will prevent you
□ Somewhat worried, I hear about major losses to the stock market occasionally
□ Very worried, I’m still very far from retirement and fear that I won’t receive payments when the time comes
□ Don’t know
Q10 Do you think that this stock disaster will follow in the footsteps of the 1930s Great Depression?
□ Yes
□ No
□ Don’t know
Q11 Are you continuing to invest in stocks?
□ Yes, or I want to
□ No
Q12 Do you think that gold prices will continue to rise?
□ Yes
□ No
個人簡歷
學歷
國立交通大學管理科學系博士 (2004.09 - 2009.11) 國立交通大學管理科學系碩士 (1994.09 - 1997.01) 國立中興大學會計學系學士 (1985.09 - 1989.06) 證照
高考會計師（1989）
經歷
鉅晶電子(股)公司財務長特別助理 2008.7-2009.1
明泰科技股份有限公司會計資深經理 2006.8-2007.2
東海大學、中華大學、明新科大等校兼任講師 2003.8-2008.6
大葉大學會計資訊系專任講師 2003.8-2006.8 &
1997.2-2000.7
台灣積體電路股份有限公司會計主任管理師 2000.8-2003.7
友訊科技股份有限公司資深內部稽核管理師 1992.7-1996.1
安侯協和會計師事務所審計員 1990.2-1991.9
在學期間著作
A. 期刊論文Ling-Ling, Chang, Yann-Ching Tsai, Gin-Yuan Lee, 2009. Gender difference in Optimism-evidence from Yahoo Kimo Taiwan’s Business News Poll Centre, Social Behavior and Personality, 38(2). Accepted for publication in March 2010 (SSCI).
張玲玲、權福生、楊千 (2004)，台灣區域網路產業供應商轉型實務研究_以友訊
科技公司為例，大葉學報，第13 卷第 2 期， 97-108。