Short-term trading by individual investors in the Korean stock market

Chune Young Chung and Kainan Wang

Journal of the Asia Pacific Economy, 2016, vol. 21, issue 4, 599-611

Abstract: We directly examine the trading behaviors of individual investors in a short investment horizon based on unique daily trading data from the Korean stock market. Demand by individual investors increases this week when returns increased last week, implying that individual investors are momentum traders in the short term. Further, demand by individual investors last week is positively related to their demand this week, suggesting that individual investors tend to herd. In addition, demand by individual investors last week is negatively associated with returns this week, indicating unprofitable trading behaviors.

Date: 2016
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DOI: 10.1080/13547860.2016.1187798

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