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Is individual trading priced in the preferred stock discount?

Title
Is individual trading priced in the preferred stock discount?
Authors
Park, CheolChoi, Paul Moon SubChoi, Joung Hwa
Ewha Authors
최문섭
SCOPUS Author ID
최문섭scopus
Issue Date
2019
Journal Title
EMERGING MARKETS REVIEW
ISSN
1566-0141JCR Link

1873-6173JCR Link
Citation
EMERGING MARKETS REVIEW vol. 38, pp. 326 - 346
Keywords
Preferred stock discountNoise trader riskIndividual trading weight
Publisher
ELSEVIER SCIENCE BV
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
Individuals have long been blamed for noise trader risk. Moreover, the literature suggests that the discount of preferred shares against comparable common equities is due to dual-class differences in dividend yield, voting rights, management control, and turnover. In this paper, we argue and present evidence that noise trader risk, as proxied by the individual trading weight, explains the preferred stock discount observed in the Korean stock market after controlling for the conventional determinants. This main result and additional considerations empirically support the presence of noise trader risk.
DOI
10.1016/j.ememar.2018.03.006
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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