Earticle

초록

영어

This research investigates the impact of financial Application Programming Interfaces (APIs) on foreign investors in the stock market. Traditionally, accessing financial information requires a complex and extensive manual process that hinders foreign participation. The advent of APIs has simplified retrieval and analysis of corporate data, lowering entry barriers and narrowing the information asymmetry between domestic and foreign investors. Leveraging the introduction of OpenDART in South Korea, we analyze trading volume, net-buying trends, and stock returns to assess the differential effects on investors. Our findings reveal that financial APIs enhance foreign investors’ trade quality compared to domestic investors, particularly for opaque stocks with higher information asymmetry. These results highlight the role of technological innovation in mitigating information asymmetry and fostering cross-border investment.

목차

Abstract
Introduction
Literature Review
Role of Electronic Disclosure Systems in Stock Market
Impact of Financial Technologies on Investors
Information Asymmetry and Cross-Border Investment Challenges
Data and Variables
Empirical Analysis
Conclusion
References

저자

• Bongjin Sohn [ Korea University Business School, Information Systems ]
• Ziru Li [ Arizona State University Thunderbird School of Global Management ]
• Jee-Hae Lim [ University of Hawaii Shidler College of Business ]
• Gunwoong Lee [ Korea University Business School, Information Systems ]

참고문헌