투자자교육이 펀드투자자의 성과추종 및 손실실현회피에 미치는 효과 (Investor Education and Mutual Fund Investors’ Performance-Chasing and Loss-Realization-Aversion Behaviors)

서지정보

· 발행기관 : 한국금융학회
· 수록지 정보 : 금융연구 / 39권 / 1호 / 1 ~ 36페이지
· 저자명 : 박원주, 김대환

초록

본 연구는 투자자교육이 펀드 투자자의 성과추종 및 손실실현회피 행태에 미치는 영향을 실증적으로 분석했다. 실증분석은 2007년부터 2019년까지의 펀드투자자조사 자료를 활용하였다. 회귀분석을 통해 투자자교육이 과거성과중심 펀드 선택의 약화, 저비용 펀드 선택의 강화, 손실 펀드의 환매 빈도 증가와 높은 상관관계가 있음을 확인하였다. 도구변수 추정 등의 대안적 추정에서도 동일한 패턴을 확인하였다. 이러한 결과는 투자자교육이 성과추종 및 손실실현회피 등의 미숙한 투자행태를 줄이는 효과를 가질 가능성을 시사한다.

영어초록

Previous studies have shown that investor education positively influences financial decisions such as saving, stock market participation, and indirect investments and ultimately enhances financial well-being (Miller et al., 2015; Kaiser et al., 2022). Participation in the securities market (the “extensive margin”) does not automatically result in superior investment performance. Individual investors' adoption of active investment may lead to underperformance and that individuals’ excessive trading, loss aversion, and other psychological biases may lead to lower returns. We aim to empirically examine the impact of investor education on unsophisticated investment behaviors such as performance chasing and loss realization aversion.
Performance chasing refers to the tendency of investors to select financial products or assets that have recently shown high returns. Loss realization aversion is an aspect of the disposition effect and refers to avoiding the realization of losses. These are “unsophisticated” investment behaviors examined in the previous studies. Although the previous studies found that higher financial literacy reduces such behaviors, the effect of investor education has not been examined.
Our study has three unique features: First, we address a new hypothesis concerning the impact of investor education on investment behavior. While there is extensive literature on the effects of investor education, few studies have focused on its impact on unsophisticated behaviors like performance chasing and loss realization aversion. Second, we utilize the full set of available data from the Fund Investor Survey. Although this dataset has been used in prior research, no studies have analyzed all available years to assess the impact of investor education. Finally, we present estimates using instrumental variables to address concerns about endogeneity.
Investor education aims to help investors make rational decisions based on accurate information. In addition to supporting individuals in achieving their financial goals, it encourages sound investment participation and thereby contributes to the maturity and efficiency of capital markets. The term "investor education" broadly encompasses all types of education that assist investors in making optimal financial decisions. While the specific content of investor education may vary depending on the provider and duration of the program, it generally includes the following areas: (i) understanding investment risks and return profiles, (ii) selecting financial products based on investment goals, (iii) asset allocation and portfolio management, (iv) recognizing behavioral biases and errors in financial decision-making, (v) understanding the long-term impact of costs and fees. In particular, the part on behavioral biases and errors includes recognizing and overcoming behaviors such as performance chasing and loss realization aversion. Such education can thus contribute to reducing unsophisticated investment behaviors. Investor education is distinct from financial education, which aims to improve individuals’ financial management capabilities. However, in practice, the two are often hard to separate. Therefore, we use the term "investor education" to encompass both financial and investor education.
Our empirical analysis is based on data from the Fund Investor Survey, conducted over 13 years from 2007 to 2019. Although the survey has continued annually since 2020, data from after 2020 were excluded because they no longer include questions related to investor education. While many prior studies have used the Fund Investor Survey, we are the first to utilize all available years of data to examine the effects of investor education.
We employ linear regression analysis along with instrumental variable estimation to address the endogeneity issue. For robustness checks, propensity score matching, probit models, and recursive bivariate probit models are also used. While randomized controlled trials are the most effective method for addressing endogeneity issues, such experiments have not yet been conducted in Korea for investor education. Nevertheless, the use of survey data such as the Fund Investor Survey provides meaningful insights.
Our main findings are as follows: First, regarding performance chasing behavior, investor education was found to be highly correlated with a decrease in fund selection based on past returns and an increase in fund selection based on fees. Estimates from linear regression models show that individuals who received investor education were 7% to 8% less likely to choose funds based on past returns and 3% to 4% more likely to choose funds based on fee considerations. These estimates are both statistically and economically significant, and the effects appeared even stronger when instrumental variable estimation was used. Regarding loss realization aversion, investor education was found to be positively associated with an increased frequency of redemptions from loss-making funds and with shorter fund holding periods. Although the effect on redemption frequency from loss-making funds was not statistically significant in the post-2014 subsample, it was statistically and economically significant over the full sample period. This conclusion was consistent across instrumental variable estimations. These findings suggest that investor education may help reduce performance chasing and loss realization aversion behaviors.

참고자료

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