本研究採用De Bondt and Thaler(1985)實證研究反向策略的方式，檢視反向策略績效及調查反向利潤(contrarian profits)是否與公司特質(firm-specific attributes)及意見分歧(dispersion of opinions)等特性有關。研究資料為1990-2008年期間臺灣證券交易所列舉的所有上市公司的股票資料。研究發現，採取買入前期(三年形成期)累積異常報酬(CAR)最差的輸家組合(losers)股票，且賣出前期(三年形成期)累積異常報酬(CAR)最好的贏家組合(winners)股票的反向策略，可以獲得約19.39%顯著平均累積異常報酬。
此外公司特質及意見分歧可以用來加強反向策略績效。買入前期市價淨值比(M/B)最低層級25%中績效較差的輸家組合股票，且賣出前期市價淨值比(M/B)最高層級25%中績效較好的贏家組合股票的反向策略，可獲得41.18%顯著平均累積異常報酬。同樣的，買入前期報酬標準差最高層級25%中績效較差的輸家組合股票，且賣出其中績效較好的贏家組合股票的反向策略，可獲得41.57%顯著平均累積異常報酬。

This paper follows the the contrarian profits of De Bondt and Thaler (1985)to examines the performance of contrarian strategies and investigates whether such contrarian profits are related to firm-specific attributes and dispersion of opinions. Using data from all listed stocks on the Taiwan Stock Exchange over the period 1990-2008, this paper finds a significant abnormal return of 19.39% earned by the contrarian strategy of buying prior losers and selling prior winners ranked by the cumulative abnormal returns over the three-year performance period.
Moreover, both firm-specific attributes and dispersion of opinions can be utilized to enhance the performance of the contrarian strategy. The contrarian strategy of buying the losers in the bottom market-to-book quartile and selling the winners in the top market-to-book quartile earns a significant abnormal return of 41.18%. Similarly, the contrarian strategy of buying the losers and selling the winners in the top quartile ranked by standard deviation of returns earns a significant abnormal return of 41.57%.

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