Association Analysis between the Type of Institutional Investors and the Financial Investment Behaviors

• 발행기관: 한국자료분석학회
• 저자명: 신양규(Yang-Kyu Shin)
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.18 No.1, 39~46쪽, 전체 8쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2016.02.28

영문 초록

We investigate the association between the type of institutional investors and the financial investment behavior in the Korean market. Institutional investors were classified into four groups and association with fund size, average holding period of single stock, and investment outcome was analyzed using test of homogeneity and measure of association with chi^2 test statistics. We have four meaningful findings through the analysis: first, all variables of investment behavior show distinct characteristics per institutional investor type in a statistically significant manner. Secondly, when analyzed excluding the banks group, only fund size and average holding period of single stock have statistically significant differences by each institutional investor type. Third, when the strength of correlation was tested using measure of association, between the variables defining financial investment behavior, the order of strength of correlation with institutional investor type is as flowing: fund size > average holding period of single stock > investment outcome. Lastly, this strength of correlation remains consistent regardless of the measure coefficient. These findings suggest an important guideline that studies on institutional investors should adopt more detailed approaches and analysis methods with specific investor type taken into consideration.

목차

1. Introduction

2. Hypothesis and Method

3. Empirical Analysis

4. Conclusion

References

키워드

Association analysis Homogeneous multi-nominal distribution Institutional investor behavior Institutional investor type