Market participants' trading behavior toward anomalies: Evidence from the Korean market

被引：0

作者：

Kim, Donghoon ^{[1
]}

Kang, Jangkoo ^{[2
]}

Roh, Soohyun ^{[2
]}

机构：

[1] Hongik Univ, Sch Business Management, Sejong 30016, South Korea

[2] Korea Adv Inst Sci & Technol, Coll Business, 85 Hoegiro, Seoul 02455, South Korea

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2025年 / 90卷

关键词：

Market participant; Market anomalies; Individual investors; Institutional investors; Foreign investors; South Korea; MUTUAL FUND PERFORMANCE; CROSS-SECTION; STOCK RETURNS; INSTITUTIONAL INVESTORS; DOMESTIC INVESTORS; FOREIGN INVESTORS; PORTFOLIO FLOWS; INFORMATION; ACCRUALS; IMPACT;

D O I：

10.1016/j.pacfin.2024.102622

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the relationship between trading behavior and anomalies in the Korean stock market. Using a mispricing measure constructed from 26 statistically significant anomalies in the Korean stock market, we document the following results. First, individual investors are uninformed traders generating the anomalies. Second, institutional and foreign investors are, in general, sophisticated investors who exploit and mitigate the anomalies. Third, only some of the institutional and foreign investors are smart investors because only institutions involved in financial asset management and registered foreign investors effectively exploit anomalies.

引用

页数：26