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Investor PSY-chology Surrounding 'Gangnam Style'

Y. Han (Andy) Kim

Nanyang Technological University (NTU)

Hosung Jung

Bank of Korea

June 12, 2014

The global success of “Gangnam Style,” by the Korean rapper PSY in 2012, was an exogenous shock to investor enthusiasm about PSY’s father’s semiconductor company, DI Corp., because the family relation was publicized in various countries in early stage. Using the count of flash mob videos on YouTube from each country and domestic region as the proxy for the enthusiasm of individual investors, we find individual investors become net buyers of DI Corp. when flash mobs were uploaded from their neighborhood (countries). Accordingly, the non-informative attention drove the stock price up by 800% without information.

Number of Pages in PDF File: 66

Keywords: Gangnam Style, flash mob, Youtube, parody, bubble, investor awareness, individual investors, institutional investors, foreign investors, short sale, home bias, media, market efficiency

JEL Classification: G02, G14, G12, G18

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Date posted: July 12, 2013 ; Last revised: December 18, 2014

Suggested Citation

Kim, Y. Han (Andy) and Jung, Hosung, Investor PSY-chology Surrounding 'Gangnam Style' (June 12, 2014). Available at SSRN: http://ssrn.com/abstract=2292577 or http://dx.doi.org/10.2139/ssrn.2292577

Contact Information

Y. Han (Andy) Kim (Contact Author)
Nanyang Technological University (NTU) ( email )
S3 B2-A28 Nanyang Avenue
Singapore, 639798
65-6790-4639 (Phone)
Hosung Jung
Bank of Korea ( email )
110, 3-Ga, Namdaemunno, Jung-Gu
Seoul 100-794, 100-794
United States
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