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دانلود رایکان مقاله انگلیسی ISI با موضوع تاثیر تجارت سرمایه گذار فردی در عدم تقارن اطلاعات در بازار سهام کره ای

عنوان فارسی مقاله:

تاثیر تجارت سرمایه گذار فردی در عدم تقارن اطلاعات در بازار سهام کره ای

عنوان انگلیسی مقاله:

The impact of individual investor trading on information asymmetry in the Korean stock market

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2. Related literature

A large body of literature has documented that individual investors suffer from behavioral biases compared to other groups of investors. Using the position data of 10,000 discount brokerage accounts maintained by a nationwide brokerage firm in the U.S., Odean (1999) shows that individual investors tend to sell more past winners than past losers. Similarly, Barber and Odean (2000, 2001) document that individual investors trade more than adequate and hold high-risk assets based on a sample of 78,000 U.S. households. These studies also reveal a tendency toward poor trading performance by individual investors
A few studies extend the analysis of individual investor trading to markets outside the U.S. Grinblatt and Keloharju (2000, 2001) show that Finnish domestic individual investors are inclined to negative feedback trades and are more likely to engage in contrarian trading. Kim and Nofsinger (2003) document that individual investors tend to hold risky and high book-to-market ratio (BM) stocks, trade frequently, make poor trading decisions, and buy recent winners based on the annual holding data of individual investors in Japan. They show that such findings are more evident in the bull market than in the bear market, consistent with the overconfidence hypothesis of individual investors