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首页> 外文期刊>The North American journal of economics and finance >Foreigners at the gate? Foreign investor trading and the disposition effect of domestic individual investors
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Foreigners at the gate? Foreign investor trading and the disposition effect of domestic individual investors

机译：外国人在大门？国外投资者交易和国内个人投资者的性格效应

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摘要

Using the account-level data of a major Korean securities firm between 1999 and 2005, we examine whether the strength of domestic individual traders' disposition effect is affected by the inflow of foreign investors. Our sample period, beginning just after the liberalization that lifted the cap on foreign investor ownership, allows for an interesting insight into how domestic individuals perceive foreign investors' entry into an emerging stock market. We find that individual investors are more likely to realize paper gains on stocks with large recent foreign investor purchase, which appears to be behaviorally motivated. These individual investors are also less likely to trade stocks with large foreign ownership in the first place, further hinting at their aversion. Our main results are robust to a difference-in-difference analysis based on the inclusion of a stock into the MSCI Korea index.
机译：在1999年至2005年间，使用大韩师证券公司的账户级数据，我们审查国内个人交易员的实力是否受外国投资者流入的影响。我们的样品期间，开始在自由化之后提起外国投资者所有权，允许国内个人如何感知外国投资者进入新兴股票市场的有趣洞察。我们发现，个人投资者更有可能在近期外国投资者购买的股票上实现纸张收益，这似乎是行为动机。这些个人投资者在首先，这些个人投资者的股票也不太可能贸易股票，进一步暗示他们的厌恶。我们的主要结果是基于将股票纳入MSCI韩国指数的差异差分分析强大。

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