Short-term trading by individual investors in the Korean stock market

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3

초록

We directly examine the trading behaviors of individual investors in a short investment horizon based on unique daily trading data from the Korean stock market. Demand by individual investors increases this week when returns increased last week, implying that individual investors are momentum traders in the short term. Further, demand by individual investors last week is positively related to their demand this week, suggesting that individual investors tend to herd. In addition, demand by individual investors last week is negatively associated with returns this week, indicating unprofitable trading behaviors.

키워드

Individual investorstrading behaviorsshort-term trading dataemerging marketG11G12G14G15INSTITUTIONAL INVESTORSEARNINGS ANNOUNCEMENTSBEHAVIORPERFORMANCERETURNSFOREIGNSTRATEGIESMOMENTUM
제목
Short-term trading by individual investors in the Korean stock market
저자
Chung, Chune YoungWang, Kainan
DOI
10.1080/13547860.2016.1187798
발행일
2016-11
유형
Article
저널명
Journal of the Asian Pacific Economy
21
4
페이지
599 ~ 611