本論文主要探討權證特性與不同交易人在權證市場之群聚效果。首先參考Hsieh (2013)所提出的群聚效果衡量方法分析交易人之群聚效果，將權證特性做為變數以探討其對自然人權證群聚效果之影響，再進一步將權證分為認購權證與認售權證一併與權證特性做討論。再透過逐筆交易資料可區別交易人，探討不同交易人標的證券群聚效果對自然人權證群聚效果之影響。
This paper mainly discusses the warrant characteristics and the effect of different traders in the warrant market. Firstly, the herding effect measurement method proposed by Hsieh (2013)is used to analyze the herding effect of traders, and the warrants characteristics are used as variables to explore its influence on the herding effect of natural human rights certificates. Further, the warrants are divided into subscription warrants and recognition. The sales rights certificate will be discussed together with the characteristics of the warrants. Through the transaction-by-transaction data, traders can be distinguished, and the effect of the securities aggregation by different traders on the effect of natural human rights certificate herding can be explored.
