Earticle

초록

영어

In this paper, we theoretically examine whether or not asymmetric move, volume, and fear affect investment performances of two informed traders, who represents foreigners and locals in an emerging market, controlling for quality of information, strategy, and luck. We find that those asymmetries, separately or in combination, affect both traders’ performances. Specifically, a trader who moves earlier, trades more shares, or is more feared by other market participants outperforms the other, although both traders have the same information, investment strategies, and luck. This phenomenon is more pronounced when their information is correct. Even if their information is wrong, the basic results are kept intact unless their wrong information hurts more badly one trader than the other one. By examining in depth non-information sources of superior investment performances, this paper can shed some light on why foreigners often outperform locals even in the absence of clear evidence of superior information.

목차

Abstract
 1. Introduction
 2. Early Move, Size, and Fear
  2.1 Symmetries in Trading
  2.2 Asymmetries in Trading
  2.3 Parameters
 3. Trading performances
  3.1 Trading with a correct signal: 
  3.2 Trading Outcomes
 4. Summary and Discussion
 5. Concluding Remarks
 References
 Appendix

키워드

저자

• Jin Yoo [ College of Economics and Finance, Hanyang University ] Corresponding author

참고문헌

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간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330