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Korean Journal of Financial Studies 2013;42(1):133-161.
Published online February 28, 2013.
The Behavior and Performance of Mobile Traders on the Korea Stock Market
Min Cheol Woo, Woo Baik Lee
모바일 주식 거래의 행태와 수익성 분석
우민철, 이우백
Abstract
Since the launch of the iPhone in November 2009, smartphones have come into wide use thanks to their information-searching capabilities and advanced internet connectivity. What distinguishes smartphones from feature phones most is that one can use applications or ``apps`` designed for specific purposes. Apps suited for trading stocks are called mobile trading systems (MTS), and the quick and deep penetration of smartphones has altered capital markets significantly. Smartphones change the operational environment for securities firms and require new IT-infrastructures. A growing number of investors now act as ubiquitous traders. Meanwhile, the rapid growth of mobile trading also concerns financial authorities who are wary of illegal trading on undisclosed information. Despite growing interest in society, however, research on mobile trading is scant at best. In this paper, using a unique data set, we examine the behavior of mobile traders and their profitability. We provide new insights into the widespread adoption of smartphones for trading and their impact on stock markets. Our study will also be helpful for financial authorities to prepare new regulations in the face of a mobile era.
Key Words: 개인투자자,모바일,스마트폰,회귀분석,HTS,Individual Trader,MTS,Regression


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