Earticle

초록

영어

We examine the behavior and performance of individual investors in Japan. In empirical tests using market level data, we find that Japanese individual investors own risky and high book-tomarket stocks, trade frequently, make poor trading decisions, and buy recent winners. Further, these behaviors and characteristics appear to vary depending on the bull or bear market conditions. As such, we believe our results provide important additional insights into the behaviors of individual investors. Interestingly, we also observe that it is primarily during a bull market where individuals tend to hold high book-to-market stocks, as opposed to a bear market where they exhibit an inclination toward high beta stocks. Overall, the poor performance by individual investors can largely be explained by this tendency to hold value stocks during advancing markets and high risk stocks during declining stocks. Finally, the fact that these behaviors reveal themselves at the market level also represents an important finding.

목차

Abstract
 1. Introduction
 2. The behavior of individual investors
  2.1 Individual investors as being overconfident
  2.2 Japanese individual investors as being overconfident
  2.3 Overconfidence and market impact
 3. Data
 4. Empirical results
  4.1 Levels of individual investor ownership
  4.2 Changes in individual investor ownership
 5. Individual investor behavior in bull and bear markets
  5.1 Levels of individual ownership in bull and bear markets
  5.2 Changes in individual ownership in bull and bear markets
 6. Summary and conclusions
 References

키워드

저자

• Suk Hi Kim [ College of Business Administration, University of Detroit Mercy, 4001 W. ]
• Kenneth A. Kim [ School of Management, State University of New York at Buffalo, Buffalo, NY 14260, USA ]
• John R. Nofsinger [ College of Business and Economics, Washington State University, Pullman, WA 99164, USA ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330