**THE 15th GLOBAL ISSUES COLLOQUIUM **

Institute for International Trade and Cooperation would like to invite you

to our fifteenth faculty colloquium

Monday, April 21, 2014

5:00pm-6:30pm (Dinner will be provided)

#803 Seminar Room, International Education Building

“Who Mimics Whom in the Equity Fund Market? Evidence from the Korean Equity Fund Market”

Speaker: Sei-Wan Kim

(Professor of Economics, Ewha Womans University)

Sei-Wan Kim is a Professor of Economics at Ewha Womans University since 2004. His recent publications include papers on stock and bond pricing with three generations, nonlinear properties of stock returns, international stock market integration, herding behaviors in stock market, and etc. His publications appeared at Journal of Banking and Finance, Pacific Basin Finance Journal, Economic Inquiry, Energy Policy, Global Finance Journal, Journal of Economic Dynamics and Control and more.

Sei-Wan has been one of editors of Korean Economic Review and many other academic journals. He is a past treasurer of Korea America Economic Association (KAEA) and advisor to public institutions like Korea Deposit Insurance Corporation. Recent award includes Excellent Award for teaching and Excellent Award for Research at Ewha W. University.

Sei-Wan earned a Bachelor’s degree in Physics at Yonsei University, and earned his Ph.D. in Economics at Texas A&M University in U.S. He taught at California State University (Fullerton) before joining Ewha W. University and visited the same university in 2011-2012.

“Who Mimics Whom in the Equity Fund Market? Evidence from the Korean Equity Fund Market”

Abstract

Motivated by theoretical analysis and unique Korean equity fund market data, this paper provides new evidence of herding between individual investors and institutional investors in the equity fund market along with related issues of risk aversion, cumulative performance, and the business cycle effect on herding. We find that individual equity fund investors follow institutional equity fund investors more closely than individual direct equity investors do in the direct equity investment market. We further find that individual equity fund investors are more risk averse than other equity investor groups and their herding behavior is pro-cyclical.

* This colloquium is supported by the Ewha Global Top 5 Grant 2013 of Ewha Womans University and Ewha GSIS

* RSVP BY April 17 (Thr) FOR DINNER PREPARATION

Ewha Womans University

InstituteforInternationalTradeandCooperation

11-1,Daehyun-dong,Seodaemun-gu,Seoul,120-750,Korea

Tel:(82-2)3277-3628,3629

Fax:(82-2)3277-3627

E-mail:iitc@ewha.ac.kr