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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/18381

    Title: Political elections and foreign investor trading in South Korea's financial markets
    Authors: Chiu, Chien-liang;Chen, Chun-da;Tang, Wan-wei
    Contributors: 淡江大學財務金融學系
    Keywords: election;exchange rate;financial market;foreign direct investment;politics;Asia;Eastern Hemisphere;Eurasia;Far East;Korea;South Korea;World
    Date: 2005-09
    Issue Date: 2013-03-12 10:57:08 (UTC+8)
    Publisher: Oxon: Routledge
    Abstract: This article investigates the relationship between foreign investors’ trading behaviour and political election events in South Korea and the effect of the relationship on the financial markets via a bivariate GARCH (1,1) model analysis. The empirical results show that the KOSPI 200 index return (total trading volumes of spot) and the derivatives volume have a negative (positive) relationship for foreign investors. South Korea shifted to a free floating exchange rate system, however, it did not have an effect on foreign investors’ trading behaviour. In particular, foreign investors showed significant decrease in trading options contracts during the parliamentary election periods and the parliamentary elections stabilized derivatives trading volatility. It is evident from the results that the presidential elections create far more financial uncertainty in comparison to parliamentary elections.
    Relation: Applied Economics Letters 12(11), pp.673-677
    DOI: 10.1080/13504850500190097
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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