군집거래와 COVID-19의 충격지속성 분석
Investor Herding and COVID-19 Shock Persistency in South Korea
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초록
본 연구는 한국금융시장에서 군집거래가 존재하는지를 보이고, 그 성향이 코로나-19 팬데믹 이후에어떻게 변했는지를 분석한다. COVID-19가 전 세계를 휩쓸며 금융시작에 불확실성은 증가하고투자자들은 정보비대칭성에 대한 두려움이 쌓이면서 군집거래가 증가한다. 코로나 펜데믹이 군집거래에어떤 영향을 미치고, 얼마나 오래 미치는지 분석한다. 첫 확진자 이후 50일까지 군집거래에 영향을미쳤다는 결과를 보이고 변이들은 시장이 나쁠 때만 영향을 미친다는 결론이 나온다. 이는 불확실성과정보비대칭이 존재하기 때문이라 설명된다.
Abstract
This article investigates the effect that COVID-19 shock has on investor herding behavior in the South Korean financial market. With new variants appearing periodically, uncertainty is bound to rise, causing investors to search for information from others. I find that herding behavior increases for up to 50 days after the emergence of COVID-19. Herding behavior is shown in the Korean financial market, and COVID-19 shock increases herding, especially when the market is down for each variant. This is due to increases in uncertainty and information asymmetry.
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