本研究採用並修正Oehler, Heilmann, Lager, and Oberlander（2003）所提出之「處
分係數」及「投資行為係數」，利用寶碩公司虛擬交易所的交易資料來探討投資人的投資行為是否有處分效果與反向策略或動量策略之存在，並考慮不同學生身分別之影響，包括一般大學與技職院校、國立大學與私立大學、財務金融相關科系與非財務金融相關科系、高投資績效與低投資績效。實證結論如下：第一、在不考慮交易成本下，虛擬交易所投資人其處分效果和反向策略皆存在且顯著；但在考慮交易成本下，其處分效果存在但不顯著，反向策略則仍存在且顯著。第二、不同學生身分別與不同投資績效之投資人，並不影響實證結果。

This paper employs and modifies the Oehler, Heilmann, Lager, and Oberlander
（2003） model by using the Apex’s Virtual Stock Exchange data to discuss whether the investors of investment games exist the disposition effect and contrarian or momentum strategies. Furthermore, we consider the impact of background of different students groups,such as:university v.s. technical and vocational college, national college v.s. private owned college, finance departments v.s. non-finance departments, high investment performamce v.s. low investment performamce.Empirical results are as follows: First, the whole investors exist the disposition effect
and contrarian strategies significantly when ignoring the transaction cost. When considering the transaction cost, the the whole investors exist the disposition effect but not significantly, and exist the contrarian strategies significantly. Second, the background of different students groups have no impact on the empirical results.