Does Financial Statement Comparability Reduce Differences in Sentiment‐induced Investor Trading Behaviour?
研究了财务报表可比性如何缩小个人与机构投资者因情绪驱动的交易行为差异，发现高可比性可抑制个人投资者的情绪化买入，但对机构投资者影响不显著。
This study examines whether comparable financial information can mitigate differences between individual and institutional investors’ trading behaviour, particularly behaviour that is shaped by investor sentiment. The results indicate that the higher the comparability, the smaller the gap in trading behaviour driven by investor sentiment between institutional and individual investors. In particular, the tendency of individual investors to purchase stocks associated with high investor sentiment is mitigated by comparable financial information. However, the study also reveals that comparability does not significantly affect institutional investors’ investment decisions. Furthermore, the effect of comparability in minimizing differences in trading behaviours resulting from investor sentiment is more pronounced for firms that are difficult to evaluate (such as young, volatile, non‐dividend‐paying firms with extreme market‐to‐book ratios, and those with limited analyst coverage) as well as firms operating in less competitive industries. Overall, these findings collectively indicate that comparability benefits investors and highlights which types of investors stand to gain from it.