A Study on the Behavioral Finance of Individual Investors in the Korean Stock Exchange

• 발행기관: 한국무역연구원
• 저자명: Eun-Ha Koh Sok-Tae Kim
• 간행물 정보: 『무역연구』제17권 제1호, 223~234쪽, 전체 12쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.02.28

영문 초록

activities of individual investors in the Korean Exchange;and to test the hypotheses on the rational behaviors of individual investors. Design/Methodology/Approach A survey of 129 individual investors was taken to test hypotheses regarding behavioral finance;such as prospect theory;overconfidence;anchoring;mental accounting;and representativeness. Findings The results are consistent with some predictions of behavioral finance which hold that individual investors do not always follow rationality in their investment. Also;the results vary according to gender;age;and investment experience. Research Implications The contributions of this study are twofold. First;this study attempted to investigate the micro-level behavioral aspects of individual investors in the Korea Exchange while most of other studies have focused on the macro-level irrationality. Second;it explored the individual investors’ behavior in the Corona pandemic era when massive influx of individual investors was occurred in the stock market due to both the Corona pandemic and historically low market interest rates in 2020.

목차

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Conceptual Framework and Hypotheses

Ⅳ. Empirical Results

Ⅴ. Summary and Conclusion

키워드

Anchoring and Mental Accounting Behavioral Finance Overconfidence Prospect Theory