Earticle

초록

영어

The purpose of this study is to examine the effect of symmetrical and asymmetric information transfer on the Korean semiconductor index of the Philadelphia Semiconductor Index in the US, and also to examine the relationship between the changes in the domestic semiconductor index and the trading patterns of foreign and institutional investors. The main results are as follows. First, we find that the Philadelphia Semiconductor Index in the US affects the yield and volatility of the domestic semiconductor market. In other words, the rise(fall) of the Philadelphia Semiconductor Index affects the rise(fall) of the domestic KRX and KOSDAQ semiconductor indexes, also the increase(reduction) of the volatility of the Philadelphia Semiconductor Index affects the volatility increase(reduction) of the Korea Semiconductor Indexes. It is interesting to note that if the Philadelphia Semiconductor Index rises(falls), the domestic semiconductor market undergoes an adjustment after overreacting with a rise(fall) at its initial price. Second, the domestic semiconductor indexes have asymmetrical information effects on the Philadelphia semiconductor index. Third, the trading behavior of foreigners and institutional investors was found to have a positive relationship with both the night and daytime returns of the KRX Semiconductor Index. On the other hand, in the KOSDAQ semiconductor index market, both foreign and institutional investors showed a statistically significant positive value only for daytime returns.

목차

Abstract
Ⅰ. 서론
Ⅱ. 분석자료 및 연구방법
Ⅲ. 실증분석
Ⅳ. 요약 및 결론
참고문헌

키워드

저자

• 변영태 [ Youngtae Byun | 경성대학교 경영학과 부교수 ] 제1저자
• 김수경 [ Soo-Kyung Kim | 동명대학교 학부교양대학 조교수 ] 공동저자
• 박종해 [ Jonghae Park | 경남과학기술대학교 경영학과 부교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  무역통상학회지 [Journal of Korea Research Association of International Commerce]

• 간기

  격월간

• pISSN

  1738-4354

• 수록기간

  2001~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 326 DDC 380