고빈도 알고리즘을 이용한 개인투자자의 투자성과 = The Investment Performance of High Frequency Individual Investors

다국어 초록 (Multilingual Abstract)

Individual investors are known as investors who are irrational and have lower investment performance than other investors. However, recent studies have shown that individual investors with differentiated characteristics are relatively superior to those who do not.
In this study, we analyzed all the stocks listed on the Korea Exchange from 2018 to 2022 and showed that HFT investors who determined the selection and timing of the stocks using algorithms, used high-performance computers and can submit orders faster than non-individual investors would have superior investment performance. They use a reverse follow-up strategy like ordinary individual investors, but it is estimated that they use day tradings with short duration and obtain superior investment performance than ordinary individual investors as a trading strategy that anticipates reversal of short-term trend.
The characteristics of individual investors who show superior performance compared to general individual investors can also include the use of high frequency trading analyzed in this study, which is considered to be an important significance of this study.

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