کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5084029 1477826 2010 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Herding by foreign investors and emerging market equity returns: Evidence from Korea
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Herding by foreign investors and emerging market equity returns: Evidence from Korea
چکیده انگلیسی
This paper studies the effect of herding by foreign investors on stock returns in the Korean market. We conduct both pre and post-liberalization analyses and utilize a three-stage least squares analysis in order to control for the simultaneous relationship. We find evidence of a significant impact of foreign investor herding on stock returns in addition to intra-year positive feedback trading by foreign investors. However, changes in domestic institutional ownership do not have any significant effect on stock returns. In addition, foreign investors tend to buy/sell shares that domestic institutions sell/buy in the herding year.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 19, Issue 4, October 2010, Pages 698-710
نویسندگان
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