{"id":28455,"date":"2020-12-28T10:58:37","date_gmt":"2020-12-28T01:58:37","guid":{"rendered":"https:\/\/smallake.kr\/?p=28455"},"modified":"2020-12-28T11:51:04","modified_gmt":"2020-12-28T02:51:04","slug":"%eb%a1%9c%eb%b9%88%ed%9b%84%eb%93%9c-%ed%88%ac%ec%9e%90%ec%9e%90%eb%b6%84%ec%84%9d%ec%9d%84-%ed%86%b5%ed%95%b4-%eb%8f%99%ed%95%99%ea%b0%9c%eb%af%b8%eb%a5%bc-%eb%b3%b4%eb%a9%b4","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=28455","title":{"rendered":"\ub85c\ube48\ud6c4\ub4dc \ud22c\uc790\uc790\ubd84\uc11d\uc744 \ud1b5\ud574 \ub3d9\ud559\uac1c\ubbf8\ub97c \ubcf4\uba74?"},"content":{"rendered":"<p>1.<br \/>\n \uc8fc\uc2dd\uc774 \ub09c\ub9ac\ub294 \ub09c\ub9ac\uc778 \ub4ef \ud569\ub2c8\ub2e4. \ud3c9\uc0dd \uc8fc\uc2dd\uc5d0 \ub300\ud574 \ub9d0 \ud55c\ub9c8\ub514 \ud558\uc9c0 \uc54a\uc740 \uc544\ub0b4\ub098 \ub3d9\ub124 \uc544\uc90c\ub9c8\ub4e4\uc774 \uc8fc\uc2dd \ud22c\uc790\ub97c \ud558\uaca0\ub2e4\uace0 \ud639\uc740 \ud55c\ub2e4\uace0 \ud558\ub2c8\uae4c \ub9d0\uc785\ub2c8\ub2e4. \uc800 \ubcf4\uace0 \uc885\ubaa9 \ucd94\ucc9c\ud558\ub77c\uace0 \ud558\ub294\ub370 \ub531\ud788 \ud560 \ub9d0\uc740 \uc5c6\uc2b5\ub2c8\ub2e4. \uc5ec\uc720 \ub3c8\uc774 \uc788\uc73c\uba74 \ucd5c\uc18c \ubc94\uc704\ub0b4\uc5d0\uc11c \ud55c\ubc88 \uc870\uae08\uc529 \uc0ac\uc11c \uc624\ub798 \uac00\uc9c0\uace0 \uc788\uc744 \uc8fc\uc2dd\uc744 \uc120\ud0dd\ud558\ub77c\uace0 \ud569\ub2c8\ub2e4. \ud55c\uad6d\uc774\ub77c\ub294 \ub098\ub77c\uc5d0\uc11c\ub294 \uc131\uc7a5\uc131 \ubcf4\ub2e4\ub294 \uc9c0\uc18d\uc131\uc744 \uc6b0\uc120\uc73c\ub85c \ud310\ub2e8\ud558\ub77c\uace0 \ud569\ub2c8\ub2e4. \uadf8\ub7ec\uba74 \uc695\uc744 \ubc14\uac00\uc9c0\ub85c \uba39\uc2b5\ub2c8\ub2e4. \uc5ec\uc758\ub3c4\uc5d0\uc11c \uba87 \uc2ed\ub144\uc744 \uc0b4\uc558\ub294\ub370 \uc8fc\uc2dd\ucd94\ucc9c\ub3c4 \ubabb\ud558\ub0d0\uace0. \u314b\u314b\u314b<\/p>\n<p> \ub3d9\ud559\uac1c\ubbf8\ub97c \ub9d0\ud560 \ub54c \ub85c\ube48\ud6c4\ub4dc\ub97c \uc18c\ud658\ud558\ub294 \uae30\uc0ac\ub4e4\uc774 \ub9ce\uc2b5\ub2c8\ub2e4. \uc800\uae08\ub9ac\uc5d0 \uc720\ub3d9\uc131\uc774 \ub118\uccd0\ub098\ub294 \ub274\ub178\ub9d0\uc774 \ucf54\ub85c\ub098\ub85c \uc774\uc5b4\uc9c0\uba74\uc11c \uc804\uc138\uacc4\uc801\uc73c\ub85c \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc774 \uc8fc\uc2dd\uc2dc\uc7a5\uc5d0 \uc9c4\ucd9c\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubbf8\uad6d\uc758 \ub85c\ube48\ud6c4\ub4dc, \uc77c\ubcf8\uc758 \ub2cc\uc790\uac1c\ubbf8, \uc911\uad6d\uc758 \uccad\ub144\ubd80\ucd94 \ub4f1\uc774 \uc788\uc2b5\ub2c8\ub2e4. \uc9c0\ub09c 6\uc6d4 \uae30\uc0ac\uc774\uc9c0\ub9cc \uc544\uc2dc\uc544\ub9cc \ub193\uace0 \ubcf4\uba74 \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc758 \uc9c4\ucd9c\uc774 \ud06c\uac8c \ub298\uc5b4\ub0ac\uc2b5\ub2c8\ub2e4. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-27\/amateur-traders-pile-into-asian-stocks-making-the-pros-nervous\" target=\"_blank\" rel=\"noopener\">Amateur Traders Pile Into Asian Stocks, Making Pros Nervous<\/a>\ub97c \ubc88\uc5ed\ud55c \uae30\uc0ac\uc911 \uc77c\ubd80\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>\ube14\ub8f8\ubc84\uadf8 \ud1b5\uc2e0\uc740 30\uc77c &#8216;\uc544\ub9c8\ucd94\uc5b4 \ud22c\uc790\uc790 \uc544\uc2dc\uc544 \uc99d\uc2dc\uc5d0 \ubab0\ub824\ub4e4\uc790 \uae34\uc7a5\ud558\ub294 \uc804\ubb38\uac00\ub4e4&#8217;\uc774\ub77c\ub294 \uc81c\ubaa9\uc758 \uae30\uc0ac\uc5d0\uc11c \ucf54\ub85c\ub09819 \uc5ec\ud30c\ub85c \uc9c0\ub09c 3\uc6d4 \uc138\uacc4 \uc99d\uc2dc\uac00 \uae09\ub77d\ud55c \ub4a4 \uc804\uac1c\ub41c \uac1c\uc778\ud22c\uc790\uc790\uc758 \uc99d\uc2dc \uc720\uc785 \ud604\uc0c1\uc744 \uc544\uc2dc\uc544\uad8c \uc704\uc8fc\ub85c \uc870\uba85\ud588\ub2e4.\uc774 \ubcf4\ub3c4\uc5d0 \ub530\ub974\uba74 3\uc6d4 \uc774\ud6c4 \uc778\ub3c4\uc5d0\uc11c\ub3c4 180\ub9cc\uac1c\uc758 \uc2e0\uaddc \uc8fc\uc2dd \ud22c\uc790 \uacc4\uc88c\uac00 \uac1c\uc124\ub410\ub2e4.\ubc84\ube14 \ubd95\uad34 \ud6c4 \uc544\ud508 \uacbd\ud5d8 \ub54c\ubb38\uc5d0 \uc8fc\uc2dd \ud22c\uc790\ub97c \uaebc\ub824\uc628 \uc77c\ubcf8\uc758 \uac1c\uc778\ub4e4\ub3c4 \uc62c\ud574 2\u223c4\uc6d4 \uc0ac\uc774\uc5d0 82\ub9cc\uc5ec\uac1c\uc758 \uacc4\uc88c\ub97c \uac1c\uc124\ud588\ub2e4. \uc791\ub144 \uac19\uc740 \uae30\uac04\uc758 2\ubc30\ub97c \ub118\ub294 \uc218\uc900\uc774\ub2e4.\ud544\ub9ac\ud540\uc758 \uc99d\uad8c\uc0ac\uc778 &#8216;AAA \uc0ac\uc6b0\uc2a4\uc774\uc2a4\ud2b8 \uc5d0\ucffc\ud2f0\uc988&#8217;\ub294 3\uc6d4 \uc774\ud6c4 \ub9e4\ub2ec \uac1c\uc124\ub418\ub294 \uc2e0\uaddc \uc628\ub77c\uc778 \uc99d\uad8c\uacc4\uc88c\uac00 2\u223c3\ubc30\uc5d0 \ub2ec\ud588\ub2e4\uace0 \ud55c\ub2e4.\uc2f1\uac00\ud3ec\ub974 \uc99d\uc2dc\uc5d0\uc11c\ub3c4 \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc774 \uc57d\uc138\uc7a5 \ud0c8\ucd9c\uc5d0 \ud070 \uc5ed\ud560\uc744 \ud588\ub2e4\ub294 \ud3c9\uac00\uac00 \ub098\uc628\ub2e4.\uc2f1\uac00\ud3ec\ub974\uc758 \uc790\uc0b0\uad00\ub9ac\uc790\ubb38\uc0ac\uc778 360F\uc758 \uac04\ubd80\uc778 \ud074\ub808\ub9ac \ucfe0\uc544\ub294 &#8220;\uac70\uc758 \uc804 \uc138\uacc4\uc801\uc778 \uc790\ud0dd \ub300\ud53c\uac00 \ub514\uc9c0\ud138 \uc2b5\uad00\uc744 \uac15\ud654\ud588\uace0 \uc77c\uc0c1\uc801\uc778 \uc624\ub77d\uc774 \uc5c6\ub294 \uc0c1\ud669\uc5d0\uc11c \uc801\uc796\uc740 \uc0ac\ub78c\ub4e4\uc774 \uc800\uc810 \ub9e4\uc218\uc758 \uae30\ud68c\ub97c \ub193\uce58\uc9c0 \uc54a\uc73c\ub824\uace0 \uccab \uc8fc\uc2dd \uacc4\uc88c\ub97c \uac1c\uc124\ud588\ub2e4&#8221;\uace0 \ud574\uc11d\ud588\ub2e4.<\/p>\n<p>\ubbf8\uad6d\uc774\ub098 \uc720\ub7fd\ub3c4 \uc0c1\ud669\uc740 \ube44\uc2b7\ud558\ub2e4.\ub3c5\uc77c, \uc601\uad6d, \ud504\ub791\uc2a4 \ub4f1 \uc720\ub7fd\uad6d\uac00\ub4e4 \uc5ed\uc2dc \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc758 \uc99d\uc2dc \ucc38\uc5ec\uac00 \ud06c\uac8c \ub298\uc5c8\ub2e4\uace0 \ube14\ub8f8\ubc84\uadf8\ub294 \uc804\ud588\ub2e4.\ud2b9\ud788 \ubbf8\uad6d\uc758 \ub85c\ube48\ud6c4\ub4dc \uc571\uc740 \uc62c\ud574 1\ubd84\uae30\uc5d0\ub9cc \uc2e0\uaddc \uacc4\uc815\uc774 \uc57d 300\ub9cc\uac1c \uc99d\uac00\ud588\ub2e4.\ube14\ub8f8\ubc84\uadf8\ub294 \uc774\ub7f0 \ud604\uc0c1\uc758 \ubc30\uacbd\uc73c\ub85c \ucf54\ub85c\ub09819 \uc5ec\ud30c\ub85c \uc99d\uc2dc\uac00 \uae09\ub77d\ud558\uba74\uc11c \uad73\uc774 \uc804\ubb38\uac00\uac00 \uc544\ub2c8\ub354\ub77c\ub3c4 \uac1c\uc778\ub4e4\uc774 \uc800\uac00 \ub9e4\uc218 \uae30\ud68c\ub97c \ud3ec\ucc29\ud560 \uc218 \uc788\uac8c \ub41c \uc810\uc744 \uaf3d\uc558\ub2e4.<br \/>\n<a href=\"https:\/\/www.yna.co.kr\/view\/AKR20200630095500009\" target=\"_blank\" rel=\"noopener\">\uc138\uacc4 \uc99d\uc2dc \uac1c\ubbf8\uc758 \uc9c4\uaca9\u2026\ub3d9\ud559\uac1c\ubbf8\u00b7\ub85c\ube48\ud6c4\ub4dc\ub9cc\uc774 \uc544\ub2c8\ub2e4<\/a>\uc911\uc5d0\uc11c<\/p><\/blockquote>\n<p>\uadf8\ub7ec\uba74 \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc740 \ud22c\uc790\ub85c \uc774\uc775\uc744 \uc5bb\uc5c8\uc744\uae4c\uc694? \uc774\uc640 \uad00\ub828\ud55c \uae30\uc0ac\uc785\ub2c8\ub2e4. \uc9c0\uc218\ub97c \uae30\uc900\uc73c\ub85c \ud558\uc5ec \uc9c0\uc218\uac00 \uc0c1\uc2b9\ud558\uc600\uae30\ub54c\ubb38\uc5d0 \uc218\uc775\uc744 \ub192\uc558\uc744 \uac83\uc774\ub77c\ub294 \ucd94\uc815\uc744 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>\uc62c\ud574 \uad6d\ub0b4 \uc99d\uc2dc\uc758 \ud65c\ud669\uc740 \uac1c\uc778\uc774 \uc774\ub04c\uc5c8\ub2e4\uace0 \ud574\ub3c4 \uacfc\uc5b8\uc774 \uc544\ub2c8\ub2e4. \ucf54\uc2a4\ud53c \uc2dc\uc7a5\uc5d0\uc11c \uc678\uad6d\uc778\uacfc \uae30\uad00\uc774 \uac01\uac01 24\uc8705739\uc5b5\uc6d0, 24\uc8705901\uc5b5\uc6d0\uc744 \ud314\uc544\uce58\uc6b0\ub294 \ub3d9\uc548 \uac1c\uc778\uc774 \uc774 \ubb3c\ub7c9\uc744 \ubc1b\uc544\ub0b4\uba70 \ubcd5\ub4e4 \ub0a0\uc774 \uc624\uae30\ub9cc\uc744 \uae30\ub2e4\ub838\ub2e4. \uc99d\uc2dc\uc5d0 \uac1c\uc778 \ud22c\uc790\uc790\uac00 \ub300\uac70 \uc720\uc785\ub418\uba74\uc11c \ub3d9\ud559\uac1c\ubbf8\ub77c\ub294 \uc2e0\uc870\uc5b4\uac00 \ud0c4\uc0dd\ud558\uae30\ub3c4 \ud588\ub2e4.\uae09\ub77d \ud6c4\uc5d0\ub294 \ud56d\uc0c1 \ud68c\ubcf5\uc774 \ub4a4\ub530\ub790\ub2e4\ub294 \ud559\uc2b5\ud6a8\uacfc\uac00 \uc791\uc6a9\ud588\uace0 \ud32c\ub370\ubbf9 \ub300\uc751 \uc815\ucc45\uc73c\ub85c \ubc29\ucd9c\ub41c \ub9c9\ub300\ud55c \uc720\ub3d9\uc131\uc740 \uae00\ub85c\ubc8c \uc8fc\uc2dd \ub7a0\ub9ac\uc5d0\ub3c4 \ubd88\uc528\ub97c \ub2f9\uacbc\ub2e4. \uc62c\ud574 \ubbf8\uad6d \uc99d\uc2dc\ub098, \uc77c\ubcf8, \uc911\uad6d \ub4f1 \uc138\uacc4 \uacf3\uacf3\uc5d0\uc11c\ub3c4 \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc758 \uc720\uc785\uc774 \ud06c\uac8c \ub298\uc5b4\ub098 `\ub85c\ube48\ud6c4\ub4dc(\ubbf8\uad6d)`, `\ub2cc\uc790\uac1c\ubbf8(\uc77c\ubcf8)`, `\uccad\ub144\ubd80\ucd94(\uc911\uad6d)`\ub85c \ubd88\ub9ac\ub294 \uac1c\uc778\ud22c\uc790\uc790\ub4e4\ub3c4 \uc18d\uc18d \uc99d\uc2dc\uc5d0 \ub6f0\uc5b4\ub4e4\uc5c8\ub2e4.<\/p>\n<p>\uc131\uc801\uc740 \ub3d9\ud559\uac1c\ubbf8\uac00 \uac00\uc7a5 \uc6d4\ub4f1\ud588\ub2e4. \ucf54\uc2a4\ud53c\ub294 \uc62c\ud574 \uc800\uc810\uc778 3\uc6d4 19\uc77c(1457.64) \uc774\ud6c4 24\uc77c\uae4c\uc9c0 \ubb34\ub824 92.6% \uae09\ubc18\ub4f1\ud588\ub2e4. \uc9c0\uc218 \uae30\uc900 \ub450\ubc30 \uac00\uae4c\uc774 \ub6f4 \uac83\uc73c\ub85c \uc774 \uae30\uac04 \uc8fc\uc2dd\uc744 \ub9e4\ub3c4\ud558\uc9c0 \uc54a\uace0 \ubcf4\uc720 \uc911\uc774\ub77c\uba74 \ud604\uc7ac \ubc30\uc5d0 \ub2ec\ud558\ub294 \uc218\uc775\uc744 \ubd24\uc744 \uac83\uc73c\ub85c \ucd94\uc815\ub41c\ub2e4. \ud2b9\ud788 \uac1c\uc778\ub4e4\uc740 \uc800\uc810 \uc774\ud6c4 \uc0bc\uc131\uc804\uc790\uc640 \uc0bc\uc131\uc804\uc790\uc6b0\ub97c \uc9d1\uc911 \ub9e4\uc218\ud558\uba70 \uc0bc\uc131\uc804\uc790 \ucd5c\uace0\uac00 \ud589\uc9c4\uc5d0 \uc990\uac70\uc6b4 \ube44\uba85\uc744 \uc9c0\ub974\uace0 \uc788\ub2e4.\ub85c\ube48\ud6c4\ub4dc\uc640 \ub2cc\uc790\uac1c\ubbf8\uc758 \uc218\uc775\ub960\uc740 \uac01\uac01 60%\ub300\uc778 \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4. \ubbf8\uad6d\uc758 \ub300\ud45c \uc9c0\uc218\uc778 \ub2e4\uc6b0\uc874\uc2a4 30 \uc0b0\uc5c5\ud3c9\uade0\uc9c0\uc218\ub294 \uc9c0\ub09c 3\uc6d4 23\uc77c \uc800\uc810\uc778 1\ub9cc8591.93\uc5d0\uc11c 23\uc77c(\ud604\uc9c0\uc2dc\uac04) \uae30\uc900 3\ub9cc129.83\uc73c\ub85c 62.1% \uae09\ub4f1\ud588\uace0 \uc77c\ubcf8 \ub3c4\ucfc4 \uc99d\uc2dc \ub300\ud45c\uc9c0\uc218\uc778 \ub2db\ucf00\uc774225\uc9c0\uc218\ub294 \uc800\uc810\uc778 1\ub9cc6552.83(3\uc6d4 19\uc77c)\uc5d0\uc11c 24\uc77c 2\ub9cc6668.35\ub85c \ub9c8\uac10\ud574 61.1% \uc0c1\uc2b9\ud588\ub2e4. \uc911\uad6d \uc0c1\ud558\uc774\uc885\ud569\uc9c0\uc218\ub294 \uc800\uc810 \ub300\ube44 26.4% \uc624\ub974\ub294 \ub370 \uadf8\ucce4\ub2e4.<br \/>\n<a href=\"https:\/\/www.mk.co.kr\/news\/stock\/view\/2020\/12\/1322517\/\" target=\"_blank\" rel=\"noopener\">\ub3d9\ud559\uac1c\ubbf8\u00b7\ub2cc\uc790\uac1c\ubbf8\u00b7\ub85c\ube48\ud6c4\ub4dc `\uc990\uac70\uc6b4 \uc5f0\ub9d0`\u2026\ub3c8 \ub204\uac00 \ub9ce\uc774 \ubc8c\uc5c8\ub098<\/a>\uc911\uc5d0\uc11c<\/p><\/blockquote>\n<p>2.<br \/>\n\uadfc\uac70\uac00 \ubd80\uc871\ud55c\ub2e4\ub294 \uc0dd\uac01\uc774 \ub4ed\ub2c8\ub2e4. \uc880\ub354 \ud559\ubb38\uc801\uc73c\ub85c \uc811\uadfc\ud55c \uc790\ub8cc\ub97c \uc18c\uac1c\ud569\ub2c8\ub2e4.<a href=\"https:\/\/www.smallake.kr\/?p=28990\" target=\"_blank\" rel=\"noopener\">\ubb38 \ub2eb\uc740 Quantopian, \uc9d1\ub2e8\uc9c0\uc131 \uc54c\ud30c\ub294 \ud5c8\uc0c1?<\/a>\uc5d0\uc11c \uc18c\uac1c\ud588\ub358 <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2745220\" target=\"_blank\" rel=\"noopener\">All that Glitters Is Not Gold: Comparing Backtest and Out-of-Sample Performance on a Large Cohort of Trading Algorithms<\/a>\ub294 Quantopia \uc774\uc6a9\uc790\ub4e4\uc740 \ubd84\uc11d\ud55c \ub17c\ubb38\uc774\ub77c \uc11c\ub85c \ube44\uad50\ud574\ubcf4\uc544\ub3c4 \uc88b\uc744 \ub4ef \ud569\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3715077\" target=\"_blank\" rel=\"noopener\">Attention Induced Trading and Returns: Evidence from Robinhood Users<\/a><\/p>\n<p>\uc774 \ub17c\ubb38\uc740 <a href=\"https:\/\/www.evidenceinvestor.com\/why-most-robinhood-traders-earn-lousy-returns\/\" target=\"_blank\" rel=\"noopener\">Why most Robinhood traders earn lousy returns<\/a>\uc5d0\uc11c \uc790\uc138\ud788 \ubd84\uc11d\ud569\ub2c8\ub2e4. \ub17c\ubb38\uacfc \uae00\uc758 \uacf5\ud1b5\uc740 Attention \uc778\ub370 \uc774\ub97c  Attention induced trading\uc774\ub77c\uace0 \uc815\uc758\ud569\ub2c8\ub2e4.  \uc704 \ub17c\ubb38\uacfc \ube44\uc2b7\ud55c \uc131\uaca9\uc774 \ub17c\ubb38\uc774 2007\ub144\uc5d0 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. <a href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/21\/2\/785\/1607197\"><span class=\"s1\">All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors<\/span><\/a>\uc751 \ud589\ub3d9\uacbd\uc81c\ud559\uc758 \uc785\uc7a5\uc5d0\uc11c \uac1c\uc778\ud22c\uc790\uc790\ub97c \ubd84\uc11d\ud569\ub2c8\ub2e4. \uc55e\uc11c \ube14\ub85c\uadf8\uc5d0\uc11c\ub294 \uc544\ub798\uc640 \uac19\uc774 \uc815\ub9ac\ud569\ub2c8\ub2e4. \uc694\uc810\uc740 \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc740 \uc8fc\uc2dd\uc5d0 \ub300\ud55c \uad00\uc2ec \ud639\uc740 \ubd84\uc11d\uc774 \uc81c\ud55c\uc801\uc774\uae30 \ub54c\ubb38\uc5d0 \uc190\ud574\ub85c \uc774\uc5b4\uc9c8 \ud655\uc728\uc774 \ub192\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p>\nBehavioural finance professors Brad Barber and Terrance Odean have done extensive research on the performance and habits of individual investors. Among their findings is that, on average, individual investors lose money from trading \u2014 and not all the losses can be explained by trading costs. In their 2008 study All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, they made the case that limited attention prevents retail investors from considering all available information and possible stock choices.<\/p>\n<p>Instead, many retail investors choose stocks to buy from the subset of stocks that catch their attention. Because most investors own only a few stocks and do not sell short, limited attention plays a smaller role in their sales decision.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=https%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2020%2F12%2Fallthatglitters_rfs_2008.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"https:\/\/www.smallake.kr\/wp-content\/uploads\/2020\/12\/allthatglitters_rfs_2008.pdf\" class=\"gde-link\">Download (PDF, 695KB)<\/a><\/p>\n<p>\uadf8\ub7ec\uba74 \ub85c\ube48\ud6c4\ub4dc \ud22c\uc790\uc790\ub97c \ub300\uc0c1\uc73c\ub85c \ubd84\uc11d\ud55c \ub17c\ubb38\uc740 \ubb34\uc5c7\uc744 \ubcf4\uc5ec\uc904\uae4c\uc694? \uc6b0\uc120 Attention\uc744 \uae30\uc900\uc73c\ub85c \ub85c\ube48\ud6c4\ub4dc \ud22c\uc790\uc790\ub97c \ubd84\uc11d\ud55c \ub0b4\uc6a9\uc785\ub2c8\ub2e4. \uc55e\uc120 2007\ub144\uc758 \ub17c\ubb38\ucc98\ub7fc \uc81c\ud55c\uc801\uc774\ub77c\uace0 \ud569\ub2c8\ub2e4. \uc804\ud654\uc5d0\uc11c \uc571\uc73c\ub85c \ud22c\uc790\uc218\ub2e8\uc774 \ubc14\ub00c\uc5c8\ub2e4\uace0 \ud558\ub354\ub77c\ub3c4&#8230;<\/p>\n<blockquote><p>Drawing on their prior research, Barber, Odean, Huang and Schwarz hypothesised: \u201cWhen buying stocks, investors with accounts at Robinhood are likely to be more influenced, both individually and as a group, by limited attention than other investors for several reasons\u201d:<\/p>\n<p>\u2014 Half of Robinhood users are first-time investors who are unlikely to have developed their own clear criteria for buying a stock.<br \/>\n\u2014 Inexperienced stock investors are likely to be more heavily influenced by attention and by biases that lead to return chasing.<br \/>\n\u2014 The Robinhood app directs Robinhood users\u2019 attention to the same small subset of stocks, such as the 20 \u201cTop Movers,\u201d while offering limited additional information that might lead to more heterogeneous choices.<br \/>\n\u2014 The simplification of information on the Robinhood app is likely to provide cognitive ease to investors, leading them to rely more on their intuition and less on critical thinking.<br \/>\n\u2014 Robinhood users may deliberate and hesitate less than other investors when trading due to a lack of frictions because it is easy to place trades on the app and commissions are zero<br \/>\n\u2014 As evidenced by turnover rates many times higher than at other brokerage firms, Robinhood users are more likely to be trading speculatively and less likely to be trading for reasons such as investing their retirement savings, liquidity demands, tax-loss selling and rebalancing. The lack of non-speculative trading motives increases the potential for attention-driven trading.<br \/>\n\u2014 Because Robinhood users are more likely than other investors to be influenced by attention, their purchase behavior is more likely to be correlated; that is, they herd more than other investors.<\/p><\/blockquote>\n<p>\uc774\uc0c1\uacfc \uac19\uc740 \ud2b9\uc131\uc744 \uac00\uc9c4 \uac1c\uc778\ud22c\uc790\uc790\ub4e4\uc774 \ube44\uc815\uc0c1\uc801\uc73c\ub85c \uac70\ub798\ube48\ub3c4\uac00 \ub192\ub2e4\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Robinhood users are unusually active. In the first quarter of 2020, Robinhood users \u201ctraded nine times as many shares as E-Trade customers, and 40 times as many shares as Charles Schwab customers, per dollar in the average customer account in the most recent quarter.\u201d Their data set is from the Robintrack website, which scrapes stock popularity data from Robinhood between May 2, 2018, and August 13, 2020. The following is a summary of their findings:<\/p>\n<p>\u2014 Robinhood users are more subject to attention biases and more likely to chase stocks with extreme performance and volume than other retail investors \u2014 for Robinhood users about 35 (25) percent of all net buying (selling) was in the top 10 stocks versus 24 (14) percent for other retail investors.<br \/>\n\u2014 Robinhood herding is influenced by information that is prominently displayed on the Robinhood app.<br \/>\n\u2014 There is persistence in the herding episodes: a stock which was heavily bought by Robinhood investors was 10 percent more likely to experience another episode the next day. However, negative returns were less likely to generate extreme herding.<br \/>\n\u2014 Robinhood herding can be forecasted by attention measures, such as lagged absolute returns and lagged abnormal volume, previously shown to affect the buy-sell imbalances of retail investors.<br \/>\n\u2014 When Robinhood experienced outages, they observed the largest decrease in retail trading among stocks that attract the attention of Robinhood users (the most popular stocks on Robinhood and stocks with a high probability of a herding event).<br \/>\n\u2014 Robinhood users are more aggressive buyers of stocks on Robinhood\u2019s Top Mover list than other retail investors \u2014 Robinhood investors buy both extreme gainers and losers, while other retail investors prefer to buy extreme gainers rather than losers.<br \/>\n\u2014 Robinhood herding episodes are followed by abnormal negative returns. Defining herding events as the top 0.5 percent of positive user changes as a percent of prior day user count each day, or a user increase of more than 1,000 and more than 50 percent relative to the previous day, the return and user patterns are similar over a 31-day period from 10 trading days before the event day to 20 trading days after \u2014 average abnormal return on the herding day was 14 percent (42 percent). Most of the abnormal return occurred at the open of trading \u2014 the mean opening return was 11 percent. Despite the large positive mean daily returns, about one-third of the stocks had large negative returns on the day of herding events. However, over the subsequent month, the average return was about -5 percent (-9 percent). These results are economically and statistically significant and were not driven by just a few stocks. In addition, portfolio alphas were more negative during the 2020 pandemic period, ranging from -79 to -94 basis points per day.<br \/>\n\u2014 Returns were also negative following a day when they observed both a surge in Robinhood users and the stock\u2019s price went down.<br \/>\n\u2014 A strategy of selling after a Robinhood herding event and repurchasing five days later would have resulted in a return of 3.5 percent (6.4 percent for extreme herding events). For the 4,884 herding events observed, this strategy would have yielded a positive return 63 percent of the time.<br \/>\n\u2014 Returns were negative following Robinhood herding events for stocks with market caps under $1 billion but not for stocks with market caps over $1 billion.<br \/>\n\u2014 Retail trading has increased significantly at Robinhood and elsewhere in the post-Covid period (after March 13, 2020), and the negative return effect following Robinhood herding events is more pronounced in the post-Covid period.<\/p><\/blockquote>\n<p>\uadf8\ub798\uc11c \uc218\uc775\uc740 \uad1c\ucc2e\uc744\uae4c\uc694? \uc544\ub2d9\ub2c8\ub2e4. \ub370\uc774\ud2b8\ub808\uc774\ub354\uc911 1%\uc815\ub3c4\ub9cc \uad1c\ucc2e\uc740 \uc218\uc775\uc744 \uc62c\ub9b0\ub2e4\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Among their findings was that the vast majority of day traders lose money: \u201cWhile about 20% earn profits net of fees in the typical year, the results of our analysis suggest that less than 1% of day traders (4,000 out of 450,000) are able to outperform consistently.\u201d The other 99 percent would be better off abandoning their day-trading efforts. In other words, day-trading is hazardous to your financial health.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=https%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2020%2F12%2FSSRN-id3715077.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"https:\/\/www.smallake.kr\/wp-content\/uploads\/2020\/12\/SSRN-id3715077.pdf\" class=\"gde-link\">Download (PDF, 3.8MB)<\/a><\/p>\n<p>3.<br \/>\n\uc704 \ube14\ub85c\uadf8\ub97c \ubcf4\uba74 \ub300\ub9cc\uc99d\uad8c\uac70\ub798\uc18c\uc758 \ub370\uc774\ud2b8\ub808\uc774\ub354\ub97c \ub300\uc0c1\uc73c\ub85c 1992\ub144\ubd80\ud130 2006\ub144\uae4c\uc9c0 \uc5f0\uad6c\ud55c <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=529063.\" rel=\"noopener\" target=\"_blank\">The Cross-Section of Speculator Skill: Evidence from Day Trading<\/a>\ub3c4 \uc18c\uac1c\ud569\ub2c8\ub2e4. \ube44\uc2b7\ud55c \uacb0\uacfc\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc5ec\ub7ec \ub17c\ubb38\uc5d0\uc11c \uacf5\ud1b5\uc73c\ub85c \uc9c0\uc801\ud558\ub294 \ubc14\ub294 &#8216;\uba87 \uac1c\uc758 \uc885\ubaa9\uc744 \uac00\uc9c0\uace0 \ub2e8\ud0c0\ub9e4\ub9e4\ub97c \ud558\ub294 \ubc29\uc2dd\uc740 \uc9c0\uc591\ud558\ub77c!&#8221;\uc785\ub2c8\ub2e4. \ub610\ud55c \ud22c\uc790\uc6a9 \uc815\ubcf4\ub97c \uc5b4\ub5bb\uac8c \uad6c\uc131\ud558\uace0 \ubcf4\uc5ec\uc8fc\ub290\ub0d0\uc5d0 \ub530\ub77c \ud22c\uc790\uc790\uc5d0\uac8c \ub3c4\uc6c0\uc774 \ub420 \uc218\ub3c4 \uc788\uace0 \ud574\uac00 \ub420 \uc218\ub3c4 \uc788\uc74c\uc744 \uba85\uc2ec\ud558\ub77c\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Simply focusing the attention of many investors on a small number of stocks can promote herding behavior that affects market returns and redounds to the investors\u2019 detriment. Thus, while it is important that investors have access to transparent, pertinent information, disclosure alone is not sufficient to assure good investor outcomes; how information is displayed influences decisions in ways that can both help and hurt investors.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=https%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2020%2F12%2FSSRN-id529063.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"https:\/\/www.smallake.kr\/wp-content\/uploads\/2020\/12\/SSRN-id529063.pdf\" class=\"gde-link\">Download (PDF, 848KB)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \uc8fc\uc2dd\uc774 \ub09c\ub9ac\ub294 \ub09c\ub9ac\uc778 \ub4ef \ud569\ub2c8\ub2e4. \ud3c9\uc0dd \uc8fc\uc2dd\uc5d0 \ub300\ud574 \ub9d0 \ud55c\ub9c8\ub514 \ud558\uc9c0 \uc54a\uc740 \uc544\ub0b4\ub098 \ub3d9\ub124 \uc544\uc90c\ub9c8\ub4e4\uc774 \uc8fc\uc2dd \ud22c\uc790\ub97c \ud558\uaca0\ub2e4\uace0 \ud639\uc740 \ud55c\ub2e4\uace0 \ud558\ub2c8\uae4c \ub9d0\uc785\ub2c8\ub2e4. \uc800 \ubcf4\uace0 \uc885\ubaa9 \ucd94\ucc9c\ud558\ub77c\uace0 \ud558\ub294\ub370 \ub531\ud788 \ud560 \ub9d0\uc740 \uc5c6\uc2b5\ub2c8\ub2e4. \uc5ec\uc720 \ub3c8\uc774 \uc788\uc73c\uba74 \ucd5c\uc18c \ubc94\uc704\ub0b4\uc5d0\uc11c \ud55c\ubc88 \uc870\uae08\uc529 \uc0ac\uc11c \uc624\ub798 \uac00\uc9c0\uace0 \uc788\uc744 \uc8fc\uc2dd\uc744 \uc120\ud0dd\ud558\ub77c\uace0 \ud569\ub2c8\ub2e4. \ud55c\uad6d\uc774\ub77c\ub294 \ub098\ub77c\uc5d0\uc11c\ub294 \uc131\uc7a5\uc131 \ubcf4\ub2e4\ub294 \uc9c0\uc18d\uc131\uc744 \uc6b0\uc120\uc73c\ub85c \ud310\ub2e8\ud558\ub77c\uace0 \ud569\ub2c8\ub2e4. \uadf8\ub7ec\uba74 \uc695\uc744 \ubc14\uac00\uc9c0\ub85c \uba39\uc2b5\ub2c8\ub2e4. \uc5ec\uc758\ub3c4\uc5d0\uc11c \uba87&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=28455\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":29704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\ub3d9\ud559\uac1c\ubbf8\uc758 \uc218\uc775\uc728\uc774 \uc5b4\ub5bb\uac8c \ub420\uae4c\uc694? \uc9c0\uc218\uac00 \uc62c\ub790\uc73c\ub2c8 \uc218\uc775\uc744 \ub0c8\uc744\uae4c\uc694? \uad00\ub828\ud55c \ubd84\uc11d\uc774 \uc5c6\uc5b4\uc11c \ub85c\ube48\ud6c4\ub4dc\ub85c \uc720\ucd94\ud574\ubcf4\uc2dc\uba74 \uc5b4\ub5a8\uae4c\uc694? \ub85c\ube48\ud6c4\ub4dc \ud22c\uc790\uc790\ub97c \ubd84\uc11d\ud55c \ub17c\ubb38\uc785\ub2c8\ub2e4.","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7],"tags":[2359,3520,3519],"class_list":["post-28455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-7","tag-robinhood","tag-3520","tag-3519"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"smallake\"\/>\n\t<meta name=\"keywords\" content=\"robinhood,\ub3d9\ud559\uac1c\ubbf8,\ub85c\ube48\ud6c4\ub4dc\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/smallake.kr\/?p=28455\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 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