@article{ART002076684},
author={posang lee},
title={Understanding Information Asymmetry among Investors in Online Trading Environment},
journal={Journal of The Korea Society of Computer and Information},
issn={1598-849X},
year={2016},
volume={21},
number={1},
pages={139-146}
TY - JOUR
AU - posang lee
TI - Understanding Information Asymmetry among Investors in Online Trading Environment
JO - Journal of The Korea Society of Computer and Information
PY - 2016
VL - 21
IS - 1
PB - The Korean Society Of Computer And Information
SP - 139
EP - 146
SN - 1598-849X
AB - In this paper, we analyze the information asymmetry among investors in online trading environment using rumors which are collected in the Korean stock market for the eleven-year period between January 2004 and December 2014. We find that cumulative abnormal return of sample firms is negative and statistically significant, indicating that a significant fall of the stock price starts before the online disclosure, suggesting that the rumors were reflected in the stock price to a significant extent. Furthermore, individual investors show net purchases on firms prior to disclosure while institutional investors show net sales, showing that individual investors trade unfavorably vis-à-vis institutional investors. This phenomenon is more evident for the KOSDAQ. This result confirms that the information asymmetry exists between individual and institutional investors in online trading environment.
KW - Information asymmetry;Individual investor;Online trading;Rumor;Stock market
DO -
UR -
ER -
posang lee. (2016). Understanding Information Asymmetry among Investors in Online Trading Environment. Journal of The Korea Society of Computer and Information, 21(1), 139-146.
posang lee. 2016, "Understanding Information Asymmetry among Investors in Online Trading Environment", Journal of The Korea Society of Computer and Information, vol.21, no.1 pp.139-146.
posang lee "Understanding Information Asymmetry among Investors in Online Trading Environment" Journal of The Korea Society of Computer and Information 21.1 pp.139-146 (2016) : 139.
posang lee. Understanding Information Asymmetry among Investors in Online Trading Environment. 2016; 21(1), 139-146.
posang lee. "Understanding Information Asymmetry among Investors in Online Trading Environment" Journal of The Korea Society of Computer and Information 21, no.1 (2016) : 139-146.
posang lee. Understanding Information Asymmetry among Investors in Online Trading Environment. Journal of The Korea Society of Computer and Information, 21(1), 139-146.
posang lee. Understanding Information Asymmetry among Investors in Online Trading Environment. Journal of The Korea Society of Computer and Information. 2016; 21(1) 139-146.
posang lee. Understanding Information Asymmetry among Investors in Online Trading Environment. 2016; 21(1), 139-146.
posang lee. "Understanding Information Asymmetry among Investors in Online Trading Environment" Journal of The Korea Society of Computer and Information 21, no.1 (2016) : 139-146.
