Review of Behavioral Finance Studies on Korean Capital Markets

Jinho Byun, Keunsoo Kim, Kyung Hee Park

Research output: Contribution to journalReview articlepeer-review


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.

Original languageEnglish
Pages (from-to)89-153
Number of pages65
JournalAsian Review of Financial Research
Issue number4
StatePublished - Nov 2022

Bibliographical note

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© 2022, Korean Finance Association. All rights reserved.


  • Behavioral Corporate Finance
  • Behavioral Finance
  • Investor Sentiment
  • Irrational Investors
  • Korean Capital Markets
  • Overconfidence


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