코로나 19 이후 개인투자자의 투자패턴에 대한 연구

• 영문명: A Study on the Trading Behaviors of Individual Investors during and after the COVID-19 Pandemic
• 발행기관: 한국무역연구원
• 저자명: 손경우(Kyoung-Woo Sohn) 정지영(Ji-Yeong Chung)
• 간행물 정보: 『무역연구』제20권 제1호, 213~231쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.02.28

영문 초록

Purpose – This research investigates the trading patterns of individual investors participating in the KOSPI stock market during and after the COVID-19 Pandemic, thereby explaining the indisputably low performance compared with institutional and foreign investors. Design/Methodology/Approach – Daily KOSPI stock market data was used, and the data period ranges from 2018 to 2023. The total period is divided into 12 sub-periods. For each sub-period, 25 stock-groups were generated by the magnitude of net purchases of individual investors at 4% intervals. Periodic information on returns, volatilities, and the net purchases of institutional and foreign investors were also utilized in the analysis. Findings – The sub-period analysis shows that the ratio of individual investors’ net purchases was negatively correlated with periodic cumulated returns, and the ratio of institutional and foreign investors’ net purchases with a strong statistical significance. The total period analysis also confirms the negative relationship between the ratio of individual investors’ net purchases and periodic cumulative returns, and shows a positive relationship between the ratio of individual investors’ net purchases and the change in volatilities. It was also revealed that the low performance of individual investors results from the choice of transaction timing, not from the choice of stocks. Research Implications – Empirical results imply that individual investors need to be cautious in determining the timing of transactions, thus utilizing the negative relation between the ratio of individual investors’ net purchases and the ratio of institutional and foreign investors’ net purchases merits consideration to enhance the profitability of individual investor portfolios.

목차

Ⅰ. 서론

Ⅱ. 개인투자자의 투자행태와 관련된 선행연구

Ⅲ. 실증분석

Ⅳ. 결론

References

키워드

Covid-19 Pandemic Individual Investors Periodic Cumulative Return Timing of Transactions Trading Behaviors