{"id":"https://openalex.org/W3033337679","doi":"https://doi.org/10.3390/ijfs8020034","title":"Investor Sentiment and Herding Behavior in the Korean Stock Market","display_name":"Investor Sentiment and Herding Behavior in the Korean Stock Market","publication_year":2020,"publication_date":"2020-06-01","ids":{"openalex":"https://openalex.org/W3033337679","doi":"https://doi.org/10.3390/ijfs8020034","mag":"3033337679"},"language":"en","primary_location":{"id":"doi:10.3390/ijfs8020034","doi":"https://doi.org/10.3390/ijfs8020034","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020034","pdf_url":"https://www.mdpi.com/2227-7072/8/2/34/pdf","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2227-7072/8/2/34/pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5021266725","display_name":"Ki-Hong Choi","orcid":"https://orcid.org/0009-0003-8146-2433","observed_orcids":["https://orcid.org/0009-0003-8146-2433"]},"institutions":[{"id":"https://openalex.org/I4921948","display_name":"Pusan National University","ror":"https://ror.org/01an57a31","country_code":"KR","type":"education","lineage":["https://openalex.org/I4921948"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Ki-Hong Choi","raw_affiliation_strings":["Institute of Economics and International Trade, Pusan National University, Busan 46241, Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of Economics and International Trade, Pusan National University, Busan 46241, Korea","institution_ids":["https://openalex.org/I4921948"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5020782933","display_name":"Seong\u2010Min Yoon","orcid":"https://orcid.org/0000-0003-3011-9486","observed_orcids":["https://orcid.org/0000-0003-3011-9486"]},"institutions":[{"id":"https://openalex.org/I4921948","display_name":"Pusan National University","ror":"https://ror.org/01an57a31","country_code":"KR","type":"education","lineage":["https://openalex.org/I4921948"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Seong-Min Yoon","raw_affiliation_strings":["Department of Economics, Pusan National University, Busan 46241, Korea"],"raw_orcid":"https://orcid.org/0000-0003-3011-9486","affiliations":[{"raw_affiliation_string":"Department of Economics, Pusan National University, Busan 46241, Korea","institution_ids":["https://openalex.org/I4921948"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5020782933"],"corresponding_institution_ids":["https://openalex.org/I4921948"],"apc_list":{"value":1000,"currency":"CHF","value_usd":1056},"apc_paid":{"value":1000,"currency":"CHF","value_usd":1056},"fwci":7.54,"has_fulltext":true,"cited_by_count":70,"citation_normalized_percentile":{"value":0.97438204,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":100},"biblio":{"volume":"8","issue":"2","first_page":"34","last_page":"34"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-sentiment","display_name":"investor sentiment","score":0.902999997138977},{"id":"https://openalex.org/keywords/herding-behavior","display_name":"herding behavior","score":0.9779999852180481},{"id":"https://openalex.org/keywords/korean-stock-market","display_name":"Korean stock market","score":0.9549999833106995},{"id":"https://openalex.org/keywords/kospi","display_name":"KOSPI","score":0.9929999709129333},{"id":"https://openalex.org/keywords/kosdaq","display_name":"KOSDAQ","score":1.0},{"id":"https://openalex.org/keywords/cross-sectional-absolute-deviation","display_name":"cross-sectional absolute deviation","score":0.8899999856948853},{"id":"https://openalex.org/keywords/trading-volume","display_name":"trading volume","score":0.8080000281333923},{"id":"https://openalex.org/keywords/market-volatility","display_name":"market volatility","score":0.9070000052452087},{"id":"https://openalex.org/keywords/extreme-market-conditions","display_name":"extreme market conditions","score":0.7839999794960022}],"concepts":[{"id":"https://openalex.org/C177605951","wikidata":"https://www.wikidata.org/wiki/Q1484503","display_name":"Herding","level":2,"score":0.8271313905715942},{"id":"https://openalex.org/C102235558","wikidata":"https://www.wikidata.org/wiki/Q1609678","display_name":"Herd behavior","level":3,"score":0.7293252944946289},{"id":"https://openalex.org/C63817138","wikidata":"https://www.wikidata.org/wiki/Q3455889","display_name":"Quantile regression","level":2,"score":0.6029895544052124},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5768930315971375},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5462387204170227},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5376599431037903},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.47801005840301514},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4776688516139984},{"id":"https://openalex.org/C120934525","wikidata":"https://www.wikidata.org/wiki/Q849149","display_name":"Absolute deviation","level":2,"score":0.4734860360622406},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.46944189071655273},{"id":"https://openalex.org/C118671147","wikidata":"https://www.wikidata.org/wiki/Q578714","display_name":"Quantile","level":2,"score":0.45040470361709595},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.10299476981163025},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.09404054284095764},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.08041077852249146},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C97137747","wikidata":"https://www.wikidata.org/wiki/Q38112","display_name":"Forestry","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/ijfs8020034","doi":"https://doi.org/10.3390/ijfs8020034","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020034","pdf_url":"https://www.mdpi.com/2227-7072/8/2/34/pdf","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jijfss:v:8:y:2020:i:2:p:34-:d:365887","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/2227-7072/8/2/34/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:43292dd02a2344978cb741ab46bc9f53","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/43292dd02a2344978cb741ab46bc9f53","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Financial Studies, Vol 8, Iss 2, p 34 (2020)","raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/257701","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/257701","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.3390/ijfs8020034","doi":"https://doi.org/10.3390/ijfs8020034","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/ijfs8020034","pdf_url":"https://www.mdpi.com/2227-7072/8/2/34/pdf","source":{"id":"https://openalex.org/S2764827305","display_name":"International Journal of Financial Studies","issn_l":"2227-7072","issn":["2227-7072"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Financial Studies","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G4417593352","display_name":null,"funder_award_id":"NRF\u20102017S1A5B8057488","funder_id":"https://openalex.org/F4320322120","funder_display_name":"National Research Foundation of Korea"}],"funders":[{"id":"https://openalex.org/F4320322120","display_name":"National Research Foundation of Korea","ror":"https://ror.org/013aysd81"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3033337679.pdf","grobid_xml":"https://content.openalex.org/works/W3033337679.grobid-xml"},"referenced_works_count":40,"referenced_works":["https://openalex.org/W1489293997","https://openalex.org/W1501835916","https://openalex.org/W1513172979","https://openalex.org/W1573257242","https://openalex.org/W1988083705","https://openalex.org/W1993443607","https://openalex.org/W1993675359","https://openalex.org/W1996473235","https://openalex.org/W2004599763","https://openalex.org/W2007421032","https://openalex.org/W2009957539","https://openalex.org/W2034190733","https://openalex.org/W2034874274","https://openalex.org/W2042863872","https://openalex.org/W2047496486","https://openalex.org/W2047803175","https://openalex.org/W2064392635","https://openalex.org/W2089994424","https://openalex.org/W2092156386","https://openalex.org/W2095996041","https://openalex.org/W2125527319","https://openalex.org/W2132363418","https://openalex.org/W2140950724","https://openalex.org/W2141726616","https://openalex.org/W2148189161","https://openalex.org/W2176146775","https://openalex.org/W2180736400","https://openalex.org/W2586299342","https://openalex.org/W2739219737","https://openalex.org/W2789666046","https://openalex.org/W2884829235","https://openalex.org/W2890222871","https://openalex.org/W2890273620","https://openalex.org/W3121296085","https://openalex.org/W3122000667","https://openalex.org/W3123534958","https://openalex.org/W3124277734","https://openalex.org/W3125300122","https://openalex.org/W3125754252","https://openalex.org/W4241653265"],"related_works":["https://openalex.org/W2956733055","https://openalex.org/W4381682943","https://openalex.org/W4386200972","https://openalex.org/W4411253970","https://openalex.org/W1915318518","https://openalex.org/W4391339376","https://openalex.org/W4366256677","https://openalex.org/W2739219737","https://openalex.org/W1679343100","https://openalex.org/W2778461042"],"abstract_inverted_index":{"This":[0],"paper":[1],"investigates":[2],"herding":[3,9,29,49,68,86,105,126,150],"behavior":[4,10,30,50,69,87,106,127,151],"and":[5,11,22,34,59,74,93,99,125,132,135],"the":[6,23,32,57,80,83,91,97,120,144,153],"connection":[7],"between":[8,122],"investor":[12,123,136],"sentiment.":[13],"We":[14],"apply":[15],"a":[16],"Cross-Sectional":[17],"Absolute":[18],"Deviation":[19],"(CSAD)":[20],"approach":[21],"quantile":[24,84,133],"regression":[25,131],"method":[26],"to":[27,79,140],"capture":[28],"in":[31,56,71,90,115,152],"KOSPI":[33,58,98],"KOSDAQ":[35,60,100],"stock":[36,61,101,155],"markets.":[37,62,102],"The":[38],"analysis":[39],"results":[40,81],"are":[41],"outlined":[42],"as":[43],"follows.":[44],"First,":[45],"we":[46,64],"find":[47],"that":[48,66,112,147],"is":[51,88,107,128,138],"exhibited":[52],"during":[53],"down-market":[54],"periods":[55],"However,":[63,103],"show":[65],"adverse":[67,104],"occurs":[70],"low-trading":[72],"volume":[73],"low-volatility":[75],"periods.":[76],"Second,":[77],"according":[78],"of":[82,96,143],"regression,":[85,134],"found":[89],"low":[92],"high":[94],"quantiles":[95],"also":[108],"found,":[109],"which":[110],"means":[111],"investors":[113],"herd":[114],"extreme":[116],"market":[117],"conditions.":[118],"Third,":[119],"relationship":[121],"sentiment":[124,137],"analyzed":[129],"through":[130],"confirmed":[139],"be":[141],"one":[142],"important":[145],"factors":[146],"can":[148],"cause":[149],"Korean":[154],"market.":[156]},"counts_by_year":[{"year":2026,"cited_by_count":8},{"year":2025,"cited_by_count":15},{"year":2024,"cited_by_count":18},{"year":2023,"cited_by_count":17},{"year":2022,"cited_by_count":7},{"year":2021,"cited_by_count":5}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2020-06-12T00:00:00"}
