Earticle

초록

영어

This study investigates the impact of a mobile information environment on information asymmetry and investor sentiment among individual investors. To this end, we use a mobile stock trading ratio as a proxy for exposure in the mobile information environment and the Amihud (2002) daily illiquidity ratio, volatility, and difference in net buying dollar volume between individual and institutional investors to measure the degree of information asymmetry. This study also creates an investor sentiment index using the adjusted turnover rate, individual investors’ buy–sell imbalance, and a relative strength index. We find that the mobile information environment significantly decreases individual information asymmetry and investor sentiment. Moreover, the effect in the KOSDAQ market, with high individual investor participation, is more significant than in the KOSPI. The results imply that individual investors may become gradually informed through information processing and cool down the over–heated investor sentiment in the mobile information environment.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature Review
Ⅲ. Data and Variables
1. Sample Data
2. Key Variables
Ⅳ. Empirical Results
1. Mobile Stock Trading and Information Asymmetry
2. Mobile Stock Trading and Investor Sentiment
Ⅴ. Conclusion
References

키워드

저자

• Youngkwang Kim [ Graduate School, Chung-Ang University ]
• Kaun Y. Lee [ Business School, College of Business and Economics Chung-Ang University ] Corresponding Author

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