信息竞争性披露、投资者注意力与信息传播效率

Competing Information Disclosure,Investor Attention and the Efficiency of Information Dissemination

投资者注意力作为一种有限的资源,其分配方式会对信息披露的经济后果产生重要的影响。本文主要研究了信息竞争性披露带来的信息溢出效应对投资者注意力分配,进而对信息传递效率的的影响。我们的研究结果表明,信息竞争性披露在一定程度上能提高投资者的分类认知效率,投资者对未预期盈余的敏感性随竞争性信息数量的增加而增强,而盈余公告后的漂移程度则随竞争性信息数量的增加而减少,原因在于相关信息有利于投资者解读所持股票的信息,从而提高了市场效率。

Investor attention, as a scarce resource, its allocation will cause economic consequence. This paper investigates the impact of information spill-over effect caused by competing information disclosure on investor attention allocation and the efficiency of information dissemination. The results show, the immediate price reaction to disclosure increases with the number of competing disclosure, and post-earnings announcement drift decreases with the number of competing disclosure. When we classified the competing information into related information and unrelated information, the additional results show it＇s the related information that caused the above immediate price reaction effect and post-earnings t drift effect. The results overall indicate, related information disclosure can improve the efficiency of investor＇s classification-learning, and facilitate the efficiency of information dissemination and improving the reading capacity of investor.