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    請使用永久網址來引用或連結此文件: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/18381

    題名: Political elections and foreign investor trading in South Korea's financial markets
    作者: Chiu, Chien-liang;Chen, Chun-da;Tang, Wan-wei
    貢獻者: 淡江大學財務金融學系
    關鍵詞: election;exchange rate;financial market;foreign direct investment;politics;Asia;Eastern Hemisphere;Eurasia;Far East;Korea;South Korea;World
    日期: 2005-09
    上傳時間: 2013-03-12 10:57:08 (UTC+8)
    出版者: Oxon: Routledge
    摘要: 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.
    關聯: Applied Economics Letters 12(11), pp.673-677
    DOI: 10.1080/13504850500190097
    顯示於類別:[財務金融學系暨研究所] 期刊論文


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