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Sentiment, growth and value investments: Evidence from Korean Stock Listings
- Sentiment, growth and value investments: Evidence from Korean Stock Listings
- Byun J.; Choi H.-S.; Choi P.M.S.
- Ewha Authors
- 변진호; 최문섭; 최형석
- SCOPUS Author ID
- 변진호; 최문섭; 최형석
- Issue Date
- Journal Title
- Investment Management and Financial Innovations
- Investment Management and Financial Innovations vol. 12, no. 3, pp. 142 - 148
- Anomalies; Behavioral finance; Growth investment; Investor sentiment; Long-run performance; Value investment
- LLC CPC Business Perspectives
- Document Type
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- In this paper, the authors relate the investment performances of value and growth stocks to investor sentiment. The authors' research objectives are twofold: first, the authors verify positive long-run abnormal returns of value investing under pessimistic investor sentiment. Second, the authors experiment a horse race between the fundamental and behavioral views of growth stock returns. Using a thirteen-year sample of Korea Exchange (KRX)-listed firms, the authors find a positive relation between the value premium and stock market sentiment: while growth investing can be relatively dominant in a pessimistic cycle under depressed investor sentiment, value strategy can outperform in an optimistic period. As a result, the authors confirm the usefulness of style investing adapted to investor psychology. © Jinho Byun, Hyung-Suk Choi, Paul Moon Sub Choi, 2015.
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- 경영대학 > 경영학전공 > Journal papers
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