전문경영인 등 투자가들의 주식거래와 경기변동의 상관성 분석 = The Study on Correlation Trading of Investors including CEO and Business Cycle

다국어 초록 (Multilingual Abstract)

People are apt to investing their own judgments when they feel skillful or knowledgeable. We study on whether this "competence effect" influences trading frequency. We investigate that investors included CEO who feel competent trade more often and have a more internationally diversified portfolio. We investigate that male investors, and investors with higher income or more education, are more likely to perceive themselves as knowledgeable investors than female investors, and investors with lower income or less education. We find that it is unlikely to be explained by other hypotheses, such as overconfidence or informational merit. Traditional portfolio choice theories assume that investors maximize expected utility based on their beliefs of future asset returns. However, thought about the future distribution of asset return is difficult. Every day, an enormous amount of new information and knowledge accepts. The implications of the new information and knowledge about future asset returns are highly uncertain and difficult to know. Therefore, an investor's subjective probability distribution of asset returns is ambiguous. This uncertainty is different from the traditional thought of risk, in which the probability distribution of asset returns is known to the investors. A many literatures in psychology have studied behavior when the probability distribution of outcome of a lottery is ambiguous. In this paper, We find that trading volume and income distribution by the ruling government in Korean stock market are correlated.

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