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Asian Review of Financial Research Vol.35 No.4 pp.89-153
Review of Behavioral Finance Studies on Korean Capital Markets
Byun, Jinho Ewha Womans University
Kim, Keunsoo Kyung Hee University
Park, Kyung Hee Hannam University
Key Words : Behavioral Finance,Irrational Investors,Investor Sentiment,Overconfidence,Behavioral Corporate Finance,Korean Capital Markets


This paper presents a comprehensive review of the behavioral finance literature on Korean financial markets, published recently in Korean academic journals. Our survey of behavioral finance in Korea is the follow-up work of Kim and Byun (2011). As part of the 2010 knowledge database project by the Korean Finance Association, we have previously reviewed behavioral studies in Korea. Compared to the environment at the time of the previous survey, most academic journals eagerly accept research articles from behavioral finance perspectives. Behavioral corporate finance has produced several studies on investor sentiment and managerial overconfidence. However, finding research on experimental tests or survey analyses from Korean finance journals remains challenging. This area requires interdisciplinary work with psychology researchers. Moreover, research methodologies using AI or machine learning could be more frequently used in future studies.
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