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News and the behavior of the Korean stock market during the global financial crisis

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  • News and the behavior of the Korean stock market during the global financial crisis
  • Kim, Yoonmin; Willett, Thomas D.
  • The Association of Korean Economic Studies


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Title News and the behavior of the Korean stock market during the global financial crisis
Similar Titles
Material Type Articles
Author(English)

Kim, Yoonmin; Willett, Thomas D.

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2014-12
Journal Title; Vol./Issue Korea and the World Economy:vol. 15(no. 3)
Pages 25
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

Abstract

Employing a newly constructed data set of good and bad news, we investigated behavioral and efficient market hypotheses on Korean stock market responses to good and bad news during the global financial crisis. Standard efficient market tests passed and several interesting behavioral aspects of market behavior emerged. Optimism and confirmation biases pay less attention to bad news during rising periods; KOSPI investors reacted more strongly to bad news in both rising and falling markets, and unexpected news in negative and positive momentum except for bad hard policy news. Efficient market and behavioral finance hypotheses can be useful explaining market behavior.