Fixed Versus Floating Interest Rates in Shipping Finance: A Behavioral Finance Perspective

Wu-Seok Kim 한국항해항만학회 2021 한국항해항만학회지 Vol.45 No.5

This study analyzed the decision-making process in ship finance for the choice between fixed and floating interest rates using behavioral finance theories. Results confirmed that causes and background of decision-making processes could be explicitly explained by the framework of behavioral finance theories. This study also determined whether decisions were irrational. A case-study research was applied as the methodology. Decision-making data on ship finance collected through narrative and questionnaire responses were analyzed and evaluated using behavioral finance theories. Theories of behavioral finance used in the analysis and research of this study included availability heuristic, anchoring effect, and opportunity cost theory. Narrative and survey responses were clearly explained by theories of behavioral finance. It was found that a shipping company suffered additional losses owing to decisions that included behavioral finance errors. Behavioral finance theories largely influenced the decision-making process of choosing between a fixed interest rate and a floating interest rate. Shipping finance decisions related to interest rate selections could be clearly explained by behavioral finance theories. Errors related to behavioral finance could result in irrational decisions. Thus, managers who are responsible for shipping finance should remain vigilant toward any behavioral finance errors when making shipping finance decisions.

Analysis of the Maturity Selection on Ship Finance: A Behavioral Finance Perspective

김우석 한국항해항만학회 2022 한국항해항만학회지 Vol.46 No.2

The purpose of this study was to analyze decision-making regarding ship finance term selection from the behavioral finance perspective., and to confirm if the causes and backgrounds of decision-making related to the term selection of ship finance are explicitly explained by behavioral finance theories. Additionally, through a case study, this study infers if decisions are irrational. Narrative and questionnaire responses on the selection of the ship finance period were obtained and analyzed from the behavioral finance perspective. Some shipping companies incur additional losses by choosing inappropriate ship-financing terms. This study applied behavioral finance theories, such as the certainty effect, availability heuristic, and loss aversion, to clearly explain the causes and background of such decision-making. Based on the results, it was found that behavioral finance theories impact ship financing decisions and errors related to behavioral finance can result in irrational decisions. Ship finance managers must be vigilant in preventing behavioral finance errors that can affect the decision-making term of ship finance.

Behavioral Finance: A Survey of the Literature and Recent Development

박효연,손욱 서울대학교 경영연구소 2013 Seoul Journal of Business Vol.19 No.1

This paper summarizes recent studies in behavioral finance—particularly regarding market anomalies and investor behavior—that are not reconciled with the traditional finance paradigms. This paper differs from previous survey literature in several aspects. We introduce more recent papers in the field, more literature on behavioral corporate finance, and provide statistics on the recent trends that are explored in behavioral finance papers. We expand the research scope to studies on Korean financial markets, introduce specific funds using behavioral finance techniques, and discuss the challenges facing behavioral finance.

The Relationship between Perceived Access to Finance and Social Entrepreneurship Intentions among University Students in Vietnam

Phan Tan Luc 한국유통과학회 2018 The Journal of Asian Finance, Economics and Busine Vol.5 No.1

Social entrepreneurship is increasingly gaining interest in developing countries for the great benefits of society. In Vietnam, the concept of social entrepreneurship is still quite new. Entrepreneurial intention is regarded as a useful and practial approach for understanding actual entrepreneurial behavior. The purpose of this paper is to develop an integrated model based on planned behavior to examine the direct and indirect effect of perceived access to finance on social entrepreneurial intention. The confirm factor analysis to study the latent constructs underlying determinants of planned behavioral theory, perceived access to finance and social entrepreneurial intention. Then, it applies the technique of structural equation modeling to explore relationships among latent constructs. There is no direct relationship between perceived access to finance and social entrepreneurial intention. Perceived access to finance only indirectly increases entrepreneurial intention through attitude towards behavior and perceived behavioral. This study focuses on the perceptual factor of financial access that affects entrepreneurial intentions. The study does not cover other in-depth issues of social entrepreneurship such as decision making, leadership, personality traits, social capital, and human capital. To establish an environment with a strong social entrepreneurial intention, a focus on developing perceived access to finance is an extremely important factor. This study also suggests that attitude towards behavior and perceived behavioral have a strong impact to social entrepreneurship

우리나라 주식시장에서의 군집행태 검증

김상환(Sangwhan Kim) 한국경제연구학회 2013 한국경제연구 Vol.31 No.3

군집행태(herding behavior)는 금융자산의 시장가격을 펀더멘탈한 가치에서 벗어나게 하기 때문에 장기적으로 시장불안정을 유발하는 원인으로 지적되고 있다. 게다가 전통적인 재무이론과 행태재무이론 간의 투자자 행동에 대한 학술적 논쟁에도 군집행태는 중요한 의미를 갖는다. 이러한 중요성에도 불구하고 우리나라 시장에 대한 기존의 실증연구는 펀드매니저의 군집성향에만 초점을 두어 왔다. 본 연구는 Chang, Cheng, and Khorna(2000)의 군집행태식을 이용한 군집행태 검증을 처음으로 시도하였고 분위수회귀모형을 이용하여 분포의 다양한 영역에서의 군집행태 발생 여부를 검토하였다. 검증결과를 요약하면 대형주에서는 군집행태가 유의적으로 나타나지 않았으나 중형주와 소형주에서 매우 강한 군집행태가 나타남을 확인하였다. 시장 상승기와 하락기의 군집행태를 분석한 결과에서는 시장이 상승할 때에는 유의적인 군집행태가 발견되지 않았으나 시장이 하락할 때에는 매우 유의적인 군집행태가 나타났다. 이는 시장이 급락할 때 나타나는 투자자의 공포심이 군집행태를 유발하는 주요 원인임을 시사하며, 투자자 심리를 강조하는 형태재무이론을 지지하는 증거로 볼 수 있다. 분위수회귀모형으로 추정한 결과를 보면, 대형주는 모든 분위수에서 군집행태 계수추정치가 유의적이지 않았던 반면 중형주와 소형주에서는 왼쪽 꼬리부분과 오른쪽 꼬리부분에서 군집행태가 강하게 나타났다. 특히, 중형주시장에서는 10% 이하의 낮은 분위수에서 강한 군집형태가 발견되었고, 소형주에서는 50% 이상의 모든 분위수에서 군집형태가 강하게 나타났다. Herding behavior is known to cause the instability of stock markets by deviating the market prices far from the fundamental prices corresponding to the rational asset price models. So the existence of herding behavior is the important policy issue for the financial market stability. The herding behavior is also an academic issue since it can provide the evidence on the investors. Trading behavior which is at the center of controversial debates between the traditional finance advocating investors. rationality and the behavioral finance. Despite the policy implications and the academic significance of the herding behavior, the in-depth empirical examination on its existence in the Korean market has not been sufficient. This paper applied the testing procedure of Chang, Cheng and Khorna(2000) on the Korean market from 2000 to 2010. In addition, it tested the existence of herding behavior in the various quantiles of return dispersion distribution by quantile regression. Based on testing the herding behavior by finn size, herding behavior is not significant in the large-cap stocks, but we found the strong evidence of its existence in the middle-cap and small-cap stocks. Testing results during different market conditions indicate that herding is present in down markets. However, we are unable to find significant evidence of herding when the market is up. This result implies that the panic psychology during the market crash is the major reason of herding behavior. By applying quantile regression analysis to estimate the herding equation, we find strong evidence of herding behavior conditional on the dispersions of returns in the lower and upper quantile region.

News and the Behavior of the Korean Stock Market during the Global Financial Crisis

Yoonmin Kim,Thomas D. Willett 한국경제연구학회 2014 Korea and the World Economy Vol.15 No.3

Employing a newly constructed data set of good and bad news, we investigated behavioral and efficient market hypotheses on Korean stock market responses to good and bad news during the global financial crisis. Standard efficient market tests passed and several interesting behavioral aspects of market behavior emerged. Optimism and confirmation biases pay less attention to bad news during rising periods; KOSPI investors reacted more strongly to bad news in both rising and falling markets, and unexpected news in negative and positive momentum except for bad hard policy news. Efficient market and behavioral finance hypotheses can be useful explaining market behavior.

기업규모에 따른 개인투자자의 거래 행태에 관한 연구

이영한,정성훈,박근우 한국경영교육학회 2014 경영교육연구 Vol.29 No.4

The importance of individual investors is increasing in the Korean market today. And research for individual investors have been many. But it is not been made to study in accordance with the classification of business scale. So purpose of this paper is presenting appropriate investment behavior to individual investors. In this paper, we verify, using the trading frequency model, disposition effect of classification of company scale and trading term. Next, we find to net return of rate of classification of Business scale. Result of the study, we made it clear that Disposition effect is verified by category of enterprise, psychological bias of medium-size enterprise appear less than small businesses and large companies. Further, it was found that the short-term investment. Finally, the transaction tax, was found to reduce the gap on the investment behavior. 한국 주식시장에서 최근 개인투자자의 중요성은 지속적으로 증대되고 있다. 이러한 점에서 개인투자자들의 거래행태에 대한 연구는 행동재무학에서 다양하게 이루어지고 있으나 기업의 분류에 따른 연구는 이루어지고 있지 않았다. 본 연구는 투자자가 투자하는 대상에 초점을 맞추어 기업의 규모별로 처분효과를 검증하고 순수익률과 총 수익률 그리고 투자기간을 고려하여 개인투자자들의 투자행태에 적절한 방향을 제시하고자 하였다. 본 연구에서 사용된 분석방법은 Odean(1998)의 거래빈도모형을 사용하여 분석하였으며 통계적으로 검증하기 위하여 Paired T-test 와 Wilcox signed rank test를 사용하였다. 그리고 본 연구를 위한 가정은 크게 2가지로써 기업의 분류에 따른 처분효과 크기의 비교 및 투자기간에 따라 각 기업규모별로 어떠한 투자행태가 나타나는지에 대해 분석하였다. 실증분석 결과 기업별로 중기업의 심리적 편의가 대형 기업 및 소기업에서의 심리적 편의보다 적게 나타났다. 또한, 각 기간별로 나타나는 심리적 편의의 크기차이가 다른 것으로 밝혀졌다. 그리고 투자행태에 있어서 세금포함 시 처분효과의 크기가 완화됨을 알 수 있었다.

심리적 가격장벽과 비유동성을 이용한 투자자 거래행태 분석

김소명,옥기율 한국재무관리학회 2024 재무관리연구 Vol.41 No.2

본 연구는 2000년 1월부터 2022년 6월까지 국내 주식시장에 상장된 주식을 대상으로 주식시장에서 유동성과 심리적 가격장벽이 자산가격 결정에 미치는 영향을 분석한다. 심리적 가격장벽은 과거 52주 최고가를 대용치로 사용하며, 비유동성 변수는 Amihud(2002)의 연구를 따라 도출한다. George and Hwang(2004)에 따르면 현재주가가 심리적 가격장벽과 가까이 위치하는 경우 투자자는 자산의 전망에 대해 비관적인 태도를 가지는 반면, 현재주가가 심리적 가격장벽과 멀리 위치하는 경우 낙관적인 태도를 가진다. Lou and Shu(2017)는 Amihud(2002)의 연구를 기반으로 비유동성 변수를 가격충격과 거래량충격으로 나누어 분석한 결과, 거래량이 비유동성을 측정하는데 중요한 역할을 수행함을 나타낸다. 본 연구에서는 투자자의 거래행태에 영향을 미친다는 심리적 가격장벽과 비유동성 변수간의 관계를 면밀히 조사한다. 본 연구의 주요 결과는 다음과 같다. 첫째, 주식가격이 심리적 가격장벽과 멀리 위치할수록 유동성 프리미엄은 더욱 강하고 큰 값을 가진다. 둘째, 주식가격이 심리적 가격장벽과 먼 값을 가지는 경우 투자자는 비유동성이 낮은 자산을 선호하고, 비유동성이 높은 자산을 회피하여 높은 프리미엄을 요구하는 경향을 가진다. 셋째, 상수 비유동성 측정치를 이용한 경우에도 본 연구의 결과는 유지되며, 매도충격이 있을 때 본 연구의 주장이 더욱 강하게 나타난다. 이는 비유동성이 높으며, 현재 주식가격이 심리적 가격장벽으로부터 멀리 위치한 경우 투자자는 유동성 위험에 대한 보상을 요구한다고 해석된다. 또한, 기업규모가 작을수록 비유동성이 높은 자산을 보유하는데 요구하는 보상이 뚜렷하게 나타난다. 본 연구의 결과는 Amihud(2002)의 비유동성 측정치가 투자자의 거래행태에 미치는 영향력을 조사한다는 시사점을 제시한다. 비유동성과 투자자의 심리적 가격장벽을 함께 고려하여 투자자의 거래행태를 포착한다는 시사점을 준다. This study analyzes the impact of liquidity and psychological price barriers on asset pricing in the Korean stock markets from January 2000 to June 2022. Psychological price barriers are represented by the past 52-week high, while liquidity variables are derived following the study by Amihud (2002). According to George and Hwang (2004), when the current stock price is close to the psychological price barrier, investors tend to have a pessimistic attitude towards the asset’s prospects, whereas when the current stock price is far from the psychological price barrier, they adopt an optimistic attitude. Lou and Shu (2017) divided liquidity variables into price impact and volume impact based on Amihud’s (2002) study, indicating that trading volume plays an important role in measuring liquidity. This study thoroughly examines the relationship between psychological price barriers and liquidity variables, which influence investors' trading behavior. The main findings of this study are as follows. First, the further the current stock price from the psychological price barrier, the stronger and larger the liquidity premium. Second, when the current stock price is far from the psychological price barrier, investors tend to prefer assets with lower liquidity and avoid assets with higher liquidity, demanding higher premiums. Third, even when using constant liquidity measures, the results of this study remain consistent, and the argument of this study is strengthened particularly during selling shocks. This interpretation suggests that when liquidity is high and the current stock price is far from the psychological price barrier, investors demand compensation for liquidity risk. Additionally, the study highlights that smaller firms distinctly demand compensation for holding assets with higher liquidity. The results of this study underscore the influence of Amihud’s (2002) liquidity measures on investors’ trading behavior, emphasizing the importance of considering liquidity and investors’ psychological price barriers together to capture investors’ trading behavior.

Psychology of Financial Decision-Making: A Literature Review

박나영 한국경제연구학회 2022 Korea and the World Economy Vol.23 No.3

Psychological elements are increasingly being incorporated into standard theories in order to better understand actual human behaviors. In particular, in human financial decision-makings, there are some biases, heuristics, and behavioral preferences, which tend to be commonly observed and can be better understood by exploring some psychological factors. In this article, I attempt to summarize some of the findings offered by the behavioral household finance literature.

중국지방정부 “토지재정”행위의 정치경제

전상경 한국지방재정학회 2014 한국지방재정논집 Vol.19 No.1

The China’s reform and open-door policy in 1978 adopted the fiscal decentralization as a means to induce the local governments’ active participation in the central government’s policy goal of economic development. This measure caused substantial shrink of central government’s financial power, and in 1994 the central government pursued the so-called “fenshuizhe” financial reform to reverse this situation. This reform brought about strengthening the financial power to the central government, but financial burden to local governments. To overcome such difficulties the local governments invented a new kind of revenue raising measure which is known as “land financing.”The local governments’ “land financing” is a system very peculiar to China which is a benchmark against the Hong Kong’s “Land Use Permission System.” The substantial part of revenues from the “land financing” belongs to the local governments’ discretionary off-budget, and its primary use is for the construction of infra-structure facilities. Local governments’s “land financing” has significant side-effects as well as positive results, and the excessive reliance on such financial resources calls for the local fiscal discipline. 등샤오핑(邓小平)에 의해 1978년부터 추진된 중국의 개혁개방정책은 국가경제건설에 지방의 활력을 이용하기 위해 분권화를 개혁의 수단으로 채택하였다. 그 결과 중앙정부의 재정이 상대적으로 위축되는 부작용이 초래되었고, 이에 따라 1994년 개혁개방의 성공적 추진을 위해 중앙정부의 재정력강화를 요지로 하는 분세제 재정개혁이 단행되었다. 분세제 재정개혁은 한편으로는 중앙재정의 강화를 가져왔고 다른 한편으로는 중앙정부의 많은 업무들을 지방정부로 이양시켰기에 지방정부는 이중적 어려움을 겪게 되었다. 이러한 상황 하에서 발생한 것이 이른바 중국 특유의 “토지재정”이다. “토지재정”은 홍콩의 “토지사용허가제도”를 벤치마킹하여 생겨난 것으로서 토지국유제를 취하고 있는 중국 특유의 제도적 산물이다. “토지재정”수입의 상당 부분은 오랫동안 예산외수입으로 분류되어 지방정부의 재량적 수입이 되었고, 주로 사회기반시설에 사용되었다. 지방정부의 “토지재정”행위는 국가경제에 긍정적 측면도 많지만, 지방정부 관원(官员)들의 지대추구적인 과도한 “토지재정”행위는 국가경제에 상당한 부작용을 초래한다. 여기에 지방정부의 재정규율(fiscal discipline)의 필요성이 제기된다.