투자 심리와 주가급락 위험 = he relation between investors sentiment and crash risk

다국어 초록 (Multilingual Abstract)

This paper empirically investigates the effects of investors' sentiment and crash risk. In particular, this research investigates whether investors' sentiment is related to crash risks and whether the level of information asymmetry in the stock market affects the relation. Testable hypotheses were drawn. To investigate the hypotheses, stock prices and accounting information data of firms listed on Korea Exchange(KRX) were collected, and the hypotheses were examined by panel regressions.
This research finds that investor sentiment has positive effects on the crash risks. Further, this study finds that the level of information asymmetry in the stock market increases the positive relationship between investors' sentiment and the crash risks. This work finds information asymmetry has a certain role in the relation between investors sentiment and crash risks. The findings suggest that an increase in information asymmetry may cause crash risks to be more effective.

참고문헌 (Reference)

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