earticle

영어

Investors who have experienced a gain or profit are often willing to take more risk. Gamblers call this “playing with the house’s money.” Since they don’t yet consider the money to be their own, they are willing to take more risk with it. The house money effect predicts investors will be more likely to purchase risky stocks after closing out a profitable trade. According to behavioral finance, the results arising from past decisions affect current decisions. If some through investment the interests gained and if you have some experience The following pseudodetermines the situation, risk in the who like to live on the edge, but it the past, investment losses from the This and if you have some experience, and then decision-making In situations where the risk of less willing will attempt to. Behavior of financial stakes in the casino, which means “house money ‘uses the term, past profits from the sale due to the investment risk preferences, and then as the house money effect has been referred to. Previous research studies abroad as a way of experiments with house money effect exists, but the actual look any results appearing in the market for the research is lacking. This study, based on actual data to individual investors buying and selling of individual investors showing the house money effect verifying that the characteristics and performance in any of these properties as a result of this investment appears to be the main goal is to verify. Conclusions drawn from experimental studies that were happening in the real stock market from which to determine the significance of this study can be found. The primary objective of this paper is to find out whether the house-money effect exists in stock trading by individual day traders and whether they actually commit perceptive errors in their stock trading. To achieve this objective, I have tried to assess the likelihood of attaining the house-money effect by taking a behavioral finance approach by studying some samples of individual day traders’ stock trading in the Korean stock market. In doing so I have taken the house-money effect as a theoretical backbone of my study. The data for the empirical study contained in this paper have been randomly collected from a Korean securities company’s transaction records. I took 500 cyber accounts from the active accounts between February of 1999 and February of 2005 (the accounts more than at least one-year old). Through the empirical analysis, the results attained are as follows; First, the day trader are more aggressive after they got gain in prior investment. If they had loss in prior investment, the day trader invested more passive. This phenomenon could be called ‘house-money effect’. Second, day trader would invest more actively as the gain increased. Third, ‘house-money effect’ strategy couldn’t increase day trader’s wealth. This paper support prior literature of the house-money effect. For the stable gain, investors have to overcome psychological bias.

한국어

본 연구는 주식시장에서 개인투자자, 특히 데이트레이더가 어떠한 투자성향을 보이는지를 실제 매매자료를 통해 분석하고, 이러한 투자행태로 인해 수익에 어떤 결과를 가져오는가를 Fama-French 3 factor 모형을 이용하여 분석하였다. 분석기간은 1999년 2월부터 2005년 2월까지의 83개월간이었으며, 실제 매매가 이루어진 10,000개 개인투자자 계좌 중 데이트레이더로 정의할 수 있는 500개 계좌를 대상으로 분석을 실시하였다. 실증분석 결과, 첫째, 데이트레이더들은 과거 매매에서 이익을 본 경우 위험선호도가 증가하는 성향을 보이고 있으며, 이를 하우스머니효과(house-money effect)로 정의하도록 한다. 즉, 이익에 대해 과도한 자신감(overconfidence)을 가지게 되고, 이는 주식에 대한 이익을 하우스머니로 인식한다는 것을 알 수 있었다. 둘째, 하우스머니효과는 과거 매매에서 얻은 이익의 규모가 커질수록 증가하는 것으로 확인했다. 즉, 손실이 발생되면 심리적으로 위축되어 위험선호성향이 감고한다는 것을 알 수 있다. 셋째, 데이트레이더의 하우스머니 투자행태로 인한 사후 투자수익률은 단기적으로는 양(+)의 초과수익률을 보였으나, 장기적으로는 손실을기록하는 것으로 확인되었다. 즉, 하우스머니효과로 인한 위험 선호적 투자가 성과에 좋지 않음을 알 수 있었다. 본 연구가 지니고 있는 한계점으로 데이트레이더로 한정하여 분석을 실시하였는데 일반 개인투자자의 경우 다른 특성을 보이는가를 확인할 필요가 있다