Earticle

초록

영어

This study investigates the trading behavior of institutional investors in Korea. The findings of this study are as follows. First, Korean investors are just as prone to the disposition effect as U.S. investors but less overconfident than U.S. investors. Second, bond fund shows a higher disposition effect than mixed and equity funds, suggesting that conservative investors tend to delay the needed changes in their portfolio composition when new information forces them to reanalyze the situation and prospects. Third, the disposition effect is sensitive to the reference point changes. Fourth, the disposition effect is positively associated with the length of the holding period, contradicting the findings of previous studies. Finally, the disposition effect in Korea disappears after the global financial crisis, suggesting that Korean investors trade more rationally since the crisis. Our findings indicate that the disposition effect is not a universal phenomenon. The results suggest that the degree of the disposition effect is very sensitive to the type of investor groups.

목차

Abstract
 Ⅰ. Introduction
 Ⅱ. Literature Review
 Ⅲ. Sample and Research Model
  1. Research Sample
  2. Model
 Ⅳ. Empirical Results
  1. Analysis of the Disposition Effect by Fund Risk
  2. Fund Performance and the Disposition Effect
  3. The Effect of Reference Point
  4. The Effect of Holding Period
  5. Financial Crisis and the Disposition Effect
  6. Robustness Check
 Ⅴ. Summary and Conclusions
 References

키워드

저자

• Hyunnam Song [ Ph.D. Candidate, College of Global Business, Korea University ]
• Jinho Jeong [ Professor, College of Global Business, Korea University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330