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Korean Journal of Financial Studies 2014;43(3):543-571.
Published online June 30, 2014.
Age and Investment Performance: Evidence from Fund Investments
In Wook Song, Young Kyu Park, Sang Youp Lee, Young Mok Choi
연령과 투자성과
송인욱, 박영규, 이상엽, 최영목
This study examines the relationship between individual investor characteristics and individual account performance using the individual fund investment account data. Weuse individual characteristics such as age, sex, investment amount, and investment style among others to test their contribution to the investment performance. The cross-sectional regression between individual characteristic variables and fund account performance is used as the main test method. Our findings are summarized as follows. First, the older the investor, the better the investment performance. This relationship between age and performance is statistically significant in the all aspect of performance measures. Second, the positive relationship between the age and performance is more strong for male than female. Third, the positive relationship between the age and performance is more significant as the account size increases. Lastly, the positive relationship is more strong in case of the dollar cost averaging style investment than in case of the lump sum style investment. Our research results imply that the individual characteristics of investors such age, which indicates the degree of social and economic experience of individual, has a meaningful role to decide the investment performance.
Key Words: 계좌수익률,성과,연령,투자자특성,펀드투자,Age,Fund Investment,Individual Account,Investor Characteristics,Performance

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