가치평가오류, 투자자별 거래행태, 회계정보의 비교가능성

Stock misvaluation refers to the difference between the market value and the intrinsic value. If the market value is higher than the intrinsic value, it is defined as an overvaluation. Investors will sell the shares if they realize that the stock is overvalued. However, if investors are not aware of whether stock prices are overvalued, or if they have misleading expectations about the future performance of the firm, they may buy overvalued shares. When an investor is divided into institutional investors, who are professional investors and individual investors, who are non-professional investors according to their expertise, the institutional investor may sell shares that are higher than their intrinsic value by assessing the value relatively accurately on the basis of their high information and analytical capabilities. Individual investors, on the other hand, find it difficult to properly assess value with their low information gathering ability and analytical ability and may buy overvalued stocks. If financial statement is comparable, investors can more easily grasp the value through easy comparison with other companies, so institutional and individual investors can benefit greatly from this. Therefore, this study examines trading behavior of individual investors and institutional investors in overvalued stocks and studies how comparability affects investors' investment decisions. The results of the study are as follows. First, individual investors are found to be net buyers of overvalued shares, while institutional investors are net sellers. This means that unlike institutional investors, individual investors are not aware of the overvaluation. Second, the higher the comparability, the lower the tendency of individual investors to buy overvalued shares. Comparability, on the other hand, do not have a significant impact on institutional investors' investment decisions. This is interpreted as a significant improvement in the ability of valuation of individual investors rather than institutional investors through comparable financial statement. Because institutional investors already identify the firm value, the additional benefits from comparable accounting information may be low. This study is meaningful in that it examines the trading behavior of individual and institutional investors for overvalued stocks, and investigates the effects of comparability in this process.