Cyber Trading and the Volatility of Stock Market Returns in Korea

• 영문명: Cyber Trading and the Volatility of Stock Market Returns in Korea
• 발행기관: 한양대학교 디지털경제연구소
• 저자명: 이상빈(Sangbin Lee) 길재욱(Jaeuk Khil)
• 간행물 정보: 『디지털경제연구』디지털경제연구 제6권, 25~42쪽, 전체 18쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2001.12.01

영문 초록

The purpose of the study is to examine whether the Korean stock market volatility has been increased since the introduction of cyber trading. The increased volume of cyber trading has been widely believed to have a couple of impact on the stock market efficiency. First, the cyber traders can actively participate in the stock market with much less transaction costs. It helps to decrease overall transaction costs in the stock market so as to increase the market efficiency. On the other hand, the increased volume of cyber trading is mostly due to the increased turnovers even during the day. It causes to increase the market volatility. The relevant empirical evidence regarding the above questions in the case of Korean stock market is explored in the paper. The development of digital technology especially in the financial market would bring the similar two different impacts on the market efficiency. The main results of the paper would be helpful to determine the true impact of internet based technology on the market response in terms of efficiency.

목차

Abstract

Ⅰ. Introduction

Ⅱ. The current stage of cyber trading in Korean stock market

Ⅲ. The Data

Ⅳ. Empirical analysis

Ⅴ. Concluding remarks

Ⅵ. References