A Survey on the Investment Behavior and Risk Perception of Individual Investors

??? ????????? ?????????????????? ??????????????? ?????? ??????????????? 608?????? ???????????? ??????????????? ??????????????? ??? ????????? ???????????? ??????????????? ????????? ????????? ????????? ?????? ????????? ??????????????? ?????? ???????????? ????????? ????????? ????????????, ??????????????? ?????? ?????? ??????????????? ?????? ?????????????????? ??????????????? ????????? ?????? ????????? ????????? ????????? ?????? ????????? ???????????????. ??? ?????? ????????? ????????? ???????????? ??????????????? ???????????? ???????????? ??????????????? ???????????? ????????? ????????????, ???????????? ??????????????? ????????? ?????? ????????? ???????????? ?????? ??????????????? ?????? ???????????? ???????????? ???????????? ?????? ??????????????? ??????????????? ??????????????? ??????????????? ????????? ????????? ??? ?????????. ??????????????? ?????????????????? ???????????? ?????? ?????????????????? ???????????? ???????????????, ??????????????? ???????????? ???????????? ?????? ?????????????????? ?????? ???????????? ????????? ?????????. ?????? ??????????????? ??????????????? ?????????????????? ?????? ???????????? ???????????? ????????? ?????? ???????????? ??????????????? ???????????? ????????? ??? ?????????. ?????????????????? ?????? ???????????? ????????? ????????????????????? ???????????? ?????? ?????? ???????????? ??????????????? ??????????????? ????????? ????????? ??????????????? ?????? ?????????, ???????????? ??????????????? ????????? ??? ?????? ??????????????? ??????????????? ?????? ???????????? ???????????? ??????????????? ???????????? ?????? ???????????? ????????? ????????? ???????????? ????????? ??????????????? ??? ???????????? ????????????. ??????????????? ??? ??????????????? ????????? ?????????????????? ??? ???????????????????????? ????????? ?????? ?????????????????? ??????????????? ??????????????? ????????? ????????? ?????? ????????? ???????????????. We explored the empirical relationship between the investment pattern and the behavior of individual investors and the individual investors" opinions toward the risk of Korean stock market. We performed a survey to 608 individual investors and studied individual investors" stock investment patterns, satisfactions with the services of brokerage firms, recognition and perceptions of the stock market, investor education, expectation and valuation of the current market using relevant 48 survey questions. We grouped investors by demographic characteristics and investment patterns. At the same time, we analyzed group characteristics and found out a few stylized facts about individual investors" investment characteristics. We also used regression analysis to find out key factors affecting individuals" investment characteristics and market perceptions. There are main five interesting results we can derive from the survey. First, the older and the more wealthy groups do more diversified and long term investment with concentration on large cap stocks. Second, as average holding period is longer, the higher investment performance is. Third, although 70 percent of surveyed investors prefer middle-small caps, they feel that information provided by brokerage firms concerning middle-small caps is very limited. Fourth, investors feel that brokerage firm"s services do not help to increase their investment return. Fifth, as the investment experience is longer, investors have more unfavorable perceptions toward stock market. Lastly, utility function of individual investors in Korea is estimated as log utility function