earticle

영어

Recently, as the online stock trading system service environment has become popular, individual investors can access various investment information at low cost. However, they are relatively limited in acquiring information on investment items compare to foreign investors or institutional investors, and fail to achieve the investment goal of achieving profitability due to the difference in level of utilization of information. Due to restrictions on the acquisition of information on investment stocks, individual investors focus on transactions based on private information, which leads to potential losses and distrust of the market. In addition, investment losses resulting from unexpected events in the company accelerate distrust in the market. As a result, the asymmetry of information can lead to market failure by impeding the resource allocation function in the capital market. This study aims to analyze the relationship between investors' perceptions and market soundness by examining the process of investors' interest change and how they react in a situation where the uncertainty of investment due to market measures is heightened. In addition, we will try to find the solution to improve the capital market by assessing the market's soundness through changes in the emotions of individual investors. The research methods of this study are summarized as follows. First, to analyze individual investor's emotional change, articles were collected written by individual investors in the online community bulletin board who are participate in the stock market and a topic analysis was conducted to derive their interests. Second, the effect of individual investors' decision making, and the evaluation of market soundness were examined by analyzing the trend of individual investors' emotional changes. The results reveal that people’s emotional responses to a corporate crisis such as a delisting from current stock market were induced by their specific interests (topics) in time event estimation (before-during-after). Specifically, the distinct emotion was found contingent on how they put concerns the discrepancy in their awareness of stock market’s status with their individual expectation and trust.