• The Korean Journal of Financial Management
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• v.18 no.1
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• pp.43-66
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• 2001

본 연구는 투자자 집단에 따라 그 매매에 있어서 주가와의 관련성을 분석하고자 하였다. 투자자 집단의 매매 성향은 월별 순매매율로 측정하였으며 주가의 대용변수는 한국종합주가지수(KOSPI)의 월별 수익률로서 분석에 사용된 기간은 1992년 1월부터 1999년 12월까지이다. 분석을 위한 방법론으로 상관분석과 회귀분석을 이용하였다. 상관분석은 스피어만 순위상관분석을 이용하여 KOSPI와 각 투자자 집단의 순매매 비중의 상관계수를 도출하였으며 그 결과 KOSPI와 개인투자자의 순매매와는 음의 유의적 상관관계를, KOSPI와 외국인 투자자의 순매매율과는 양(+)의 유의적 상관관계를 알 수 있었다. 그러나 기관투자자의 경우 기관투자자 전체 범주로 볼 때 유의적 상관관계가 없었으나 세분화된 기관투자자 일부는 유의적 상관관계를 보였다. 또한 본 연구는 KOSPI와 각 투자자 집단의 매매에 대한 인과관계를 추론한 바 외국인 투자자의 매매는 KOSPI에 영향을 주며 개인투자자의 매매는 오히려 KOSPI에 영향을 받는 것으로 보였다. 그러나 기관투자자의 경우 세부기관마다 그 매매의 성격을 달리하는 것으로 보였다. 이러한 분석결과를 바탕으로 회귀분석을 실시하였으며 그 분석결과 외국인 투자자와 기관투자가 가운데 증권사와 투신사의 경우, 순매수가 늘어날수록 주가는 상승하고 순매도가 늘어날수록 주가는 하락하는 것을 확인할 수 있었으며 반면 개인투자자의 매매는 KOSPI 주가에 따라 영향을 받는 것으로 나타났다. 즉 주가가 상승할수록 매도에 치중하고 주가가 하락할수록 매수에 치중하는 것으로 분석되었다. 기관투자자 가운데 보험사의 매매 역시 주가에 영향을 받는 것으로 나타났다. 본 연구의 성과로는 특정 투자자 집단이 주가의 움직임에 따라 매매를 하는 수동적 전략의 의미보다는 적극적으로 주가를 움직이는 주체로서 외국인투자자와 일부 기관투자자의 존재를 확인할 수 있었다는 점이며, 주가 움직임에 따른 개인투자자와 일부 기관 투자자의 수동적 매매 스타일과 기관투자자 사이의 투자스타일의 이질성을 통계적으로 확인할 수 있었다는 데에 있다.

• Management & Information Systems Review
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• v.32 no.3
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• pp.83-105
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• 2013

There are many literatures about the herding behavior of institutional investors but there is lack of literatures about the relation among several investor groups consisting of institutional investors. So we investigate the relation among sub-institutional investor groups like bank, insurance companies, pension funds using KRX intraday trading data of 2009. As the result, we find that foreign, individual, and securities firm investors trade in the opposite direction of other investor groups including pension funds. And pension, insurance, asset management, private equity funds, other companies, government, and banks are cross-mimicking each other, so we conclude that these investors make herding behavior. In 2009 institutional investors except securities firms make herding in a short period, and insurance, asset management, pension funds and other companies make herding and self-mimicking in all period, but there is no herding and mimicking after foreign investors.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1993.04a
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• pp.505-514
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• 1993

일반적으로 투자자들은 높은 수익을 얻기를 바라는 성향 그리고 위험기피적 성향을 가지고 있는 것으로 받아들여진다. 그러나 투자자들이 갖는 이러한 대표적인 두가지 성향은 현실에서 직면하는 투자대안의 경우에 서로 상층(trade-off)하는 것이 일반적이며, 따라서 그러한 상충관계를 서로 다른 수준으로 포함하고 있는 대안들 중에서 어떤 것을 선택하는 때에 투자자의 선호체계가 중요하게 작용한다. 그런데 많은 경우 투자자들은 그러한 상충관계에 직면했을 때, 커다란 손실의 가능성을 포함하는 대안이 아니라면 약간 낮은 평균수익이 에상되더라도 높은 수익의 가능성이 상대적으로 높은 대안을 선호하는 것으로 나타났다. 따라서 본 연구에서는 약간 낮은 평균수익이 예상되더라도 높은 수익의 가능성이 상대적으로 높은 대안 즉, 대안 수익의 분포가 우향왜곡된(skewed positively)대안을 선호하는 투자자의 성향을 포함시킬 수 있는 방법을 모색하였다.

• Korean Business Review
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• v.21 no.2
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• pp.1-16
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• 2008

This paper investigate the volume-volatility and volume-return relationship in the Korean Treasury Bond futures market using daily price and volume data categorized by three trader type i.e. individual investor, institutional investor and foreign investor over the period of October 1999 through December 2005. Major results are summarized as follows: (i) The effect of volume on return was not different across the trader type. (ii) The effect of volume on volatility was not unidirectional across the type of investor. While unexpected sell of individual investor has positive effects on volatility, negative effects in the case of institutional investor. (iii) We cannot find the evidence of asymmetric response of volatility to shock in trading volume or net position. This result differs from that of Korean Stock Price Index 200 futures market which showed strong positive asymmetry. Finally, some limitations of this paper and direction for further research were suggested.

• The Journal of Small Business Innovation
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• v.19 no.1
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• pp.59-84
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• 2016

Using an international setting, this study investigates the relation between cash holdings and financial reporting quality, measured by accruals quality. Empirical results show that the balance of cash holdings is positively related to the opacity of financial reporting in non-U.S. international markets. The relation becomes stronger as the strength of investor protection increases, implying that precautionary motives, instead of agency motives, drive the increase of cash holdings of opaque firms. In addition, the positive relation is stronger for discretionary accruals quality. The decomposition of the aspects of investor protection shows that public enforcement through regulation authorities is the main driver of the positive relation between cash holdings and the opacity of financial reporting.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.3
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• pp.47-57
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• 2018

The purpose of this study is to grasp the correlation between network and firm's performance by analyzing the perception and characteristics of network of business founder and investor from the perspective of the network. We selected a TIPS support program which is evaluated to be a best practice as a research target for empirical analysis. The empirical results using social network and statistical analysis, shows that the stronger the investor's network connectivity, the more likely it is that the investor's start - up succeeds in attracting subsequent investment. In addition, both the entrepreneurial team and the management think that the internal human network between the enterprise and the investor plays an important role in inducing investment or exploring the company, and recognizes that the value of the human network will have a significant influence on the enterprise value evaluation or investment decision.

• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.115-144
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• 2010

This study aims to empirically verify that the effect of investor protection on risk taking may differ according to growth opportunities. Furthermore, this paper intends to verify the hypothesis that the impact of risk taking upon corporate value will also be influenced by growth opportunities. The results of the analysis show that firms with high growth opportunities demonstrate greater risk taking as investor protection gets stronger while the degree of investor protection has little or no impact on their risk taking in case of firms suffering a lack of growth opportunities. In addition, risk taking has a statistically significant positive impact on improving corporate value for firms with sufficient growth opportunities, in contrast the impact is little or none when firms lack growth opportunities.

• The Korean Journal of Financial Management
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• v.15 no.1
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• pp.207-222
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• 1998

본 논문은 1977-91년 사이 런던증권시장에서 일반공모형태로 주식이 매각된 영국의 41개 민영화기업의 최초공모주 가격결정에 대해 실증분석하고 있다. 특히 단기적으로 볼 때 영국 민영화기업의 최초공모주는 일반기업의 최초공모주에 비해 현저히 낮게 평가되어 발행되고 있음이 밝혀졌다. 본 논문에서는 민영화기업의 이러한 저가발행 현상을 정보비소유 투자자에게 최소한의 수익률을 보장해 주어야 한다는 Rock(1986)의 winner's curse 관점에서 설명하여 보았다. 먼저 정보비소유 투자자가 직면할 수 있는 winner's curse의 존재 가능성을 청약경쟁률과 저평가율과의 관계를 고찰함으로써 확인하였다. 즉 청약경쟁률과 초과수익률(할인규모)은 정(正)의 관계를 보였는데 이는 정보소유 투자자가 할인규모가 큰 민영화기업의 최초공모주에 집중적으로 청약하여 정보 비소유 투자자를 구축(驅逐)하여 정보비소유 투자자를 winner's curse에 직면하게 할 가능성이 있다는 Rock의 주장과 일치하는 것으로 보인다. 또한 배정확률을 고려한 가중평균초과수익률이 무위험수익률을 보장해주는지를 조사함으로써 Rock의 주장을 실증적으로 규명하였다. 한편 영국 민영화기업의 최초공모주는 장기적으로도 정(正)의 초과수익률을 시현하고 있는 데 이는 일반기업의 최초공모주의 누적초과수익률은 장기적으로는 부(負)를 시현한다는 Ritter(1991)와 Levis(1993)의 연구결과와는 대조적이다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.5
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• pp.113-127
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• 2020

Based on the social exchange theory and innovation diffusion theory, this study is to identify the correlation between factors influencing investor's funding intention in crowdfunding and to analyze moderating effect of trust in the relationship of shared value, communication and individual innovation. The purpose of this study is to consider the funding trends of crowdfunding investors from a personal point of view through the results of the study and to help fundraiser of crowdfunding establish specifically strategies for financing. In order to conduct empirical analysis, an online survey was conducted on people who had participated in crowdfunding, and a total of 228 questionnaires were collected and a total of 186 responses were finally analyzed, excluding outliers. For data analysis, structural equation model analysis was conducted using SPSS 26.0 and Smart PLS 3.0. The results of this study showed that shared value in the relationship between fundraiser and investors has a significant effect on the perceived risk. High level of communication between fundraiser and investors showed positive effects on the level of commitment of the crowdfunding project and the innovation of the individual investor. And commitment had a positive effect on the funding intention. According to the results of this research, trust has moderating effect only in relationship between shared value and perceived risk. It is significant that investors share the value of fundraiser together is a motivation factor to fund in crowdfunding and an opportunity to recognize the risk. Through this study, it is expected to utilize them in establishing strategies for start-ups and marketing plans to raise funds through crowdfunding and to empirically identify factors influencing the funding intention through individual levels of crowdfunding investors.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.1-12
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• 2022

This paper examines the influence of the portion of lead investors and investors' status on the investment performance of venture syndication. According to existing literature, multiple investors in VC syndicates can positively impact investment performance by investing both tangible and intangible resources in target companies based on market influence or high visibility. On the other hand, the presence of multiple leaders can cause conflicts in formulating and implementing investment strategy or free-riding problems or increase entry barriers for potential investors, lowering additional investment from existing investors. Therefore, we hypothesize that the relationship between proportion of lead investors and investment performance is inverted-U shape. Moreover, we predict that the status of VCs in the syndication will moderate the relationship between proportion of lead investors and investment performance since high-status actors are less likely to cooperate with or yield power to others. We tested these hypotheses using 24,677 VC syndicated investment data from 1991 to 2005 and found solid supports for the hypotheses. The findings suggest that firms need to consider relationship-based power dynamics among investors within a syndication and design effective role setting and coordination systems.