Investor PSY-chology Surrounding 'Gangnam Style'

Pacific-Basin Finance Journal (2016), Volume 37, 23–34.

61 Pages Posted: 12 Jul 2013 Last revised: 2 Jun 2022

See all articles by Y. Han (Andy) Kim

Y. Han (Andy) Kim

Sungkyunkwan University

Hosung Jung

The Bank of Korea; Bank of Korea - Economic Research Institute

Date Written: May 06, 2015


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 the 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 became net buyers of the stock when the attention level increased in their neighborhood (countries). Accordingly, the attention drove the stock price up by 800% without information.

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

Suggested Citation

Kim, Y. Han (Andy) and Jung, Hosung, Investor PSY-chology Surrounding 'Gangnam Style' (May 06, 2015). Pacific-Basin Finance Journal (2016), Volume 37, 23–34., Available at SSRN: or

Y. Han (Andy) Kim (Contact Author)

Sungkyunkwan University ( email )

422 School of Business
25-2 SungKyunKwan-Ro, Jongno-ju
Seoul, 110-745
Korea, Republic of (South Korea)
+82-2-760-0622 (Phone)
+82-2-760-0622 (Fax)

HOME PAGE: http://

Hosung Jung

The Bank of Korea ( email )

39, Namdaemun-ro, Jung-gu
Seoul, 04531
Korea, Republic of (South Korea)

Bank of Korea - Economic Research Institute ( email )

110, 3-Ga, Namdaemunno, Jung-Gu
Seoul 100-794
Korea, Republic of (South Korea)

Do you have negative results from your research you’d like to share?

Paper statistics

Abstract Views
PlumX Metrics