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경영대학
경영학전공
Journal papers
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Do individual traders undermine firm valuation?
Title
Do individual traders undermine firm valuation?
Authors
Choi P.M.S.
;
Choi J.H.
;
Chung C.Y.
Ewha Authors
최문섭
SCOPUS Author ID
최문섭
Issue Date
2020
Journal Title
Finance Research Letters
ISSN
1544-6123
Citation
Finance Research Letters vol. 36
Keywords
Firm valuation
;
Individual trading weight
;
Noise trader risk
Publisher
Elsevier Ltd
Indexed
SSCI; SCOPUS
Document Type
Article
Abstract
Studies find that noise traders create unhedgeable risks, and individuals have long been suspected of making suboptimal and uninformed trading decisions. Recent arguments suggest using the individual trading weight to proxy for noise trader risk when pricing common and preferred stocks in emerging markets. We empirically corroborate that individual traders undermine the relative valuations of listed firms in South Korea. This result is robust to controlling for corporate governance, institutional monitoring efforts, firm size, accounting ratios, idiosyncratic volatility, liquidity measures, and endogeneity. © 2020 Elsevier Inc.
DOI
10.1016/j.frl.2020.101567
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