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Simultaneous presence of different domestic GAAPs and investors' limited attention bias in U.S. equity markets: Implications for convergence .

机译：在美国股票市场中同时存在不同的国内公认会计准则和投资者有限的关注偏差：趋同的含义。

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I examine how the presence of domestic accounting standards of various countries affects market reactions to firms' earnings announcements on a given day and subsequent post-earnings announcement drifts (PEAD) in U.S capital markets. Drawing from the finance and accounting literatures on investors' limited attention bias, I posit that the presence of fewer multiple domestic GAAPs reduces investors' cognitive burdens to analyze earnings of firms from different countries and thus results in less distraction and stock mispricing when investors respond to firms' earnings news.;I use the number of domestic GAAPs at the firm level on a given earnings announcement day as the proxy for extent of simultaneous presence of domestic GAAPs and test the incremental effects of the number of domestic GAAPs on initial market reactions to earnings and on PEAD of U.S. and ADR firms. I find that the presence of fewer different domestic GAAPs yields higher earnings response coefficients and trading volume reactions to firms' earnings news and induces a smaller incremental effect on PEAD. A hedge portfolio based on PEAD on earnings announcement days with fewer domestic GAAPs is less profitable than one based on announcement days with more domestic GAAPs. The results indicate that the presence of fewer domestic GAAPs facilitates investment decision making and improves market efficiency by mitigating investors' limited attention bias. The findings provide the important implication for the current movement of convergence of domestic accounting standards. This is also the first paper to investigate the relation between different domestic GAAPs and investors' limited attention bias.

机译：我研究了各国国内会计准则的存在如何影响市场对公司在特定日期的收益公告以及随后在美国资本市场中的收益公告后偏差（PEAD）的反应。从财务和会计文献中得出关于投资者注意力有限的偏见，我认为存在较少的多个国内公认会计准则减少了投资者分析不同国家公司收益的认知负担，从而减少了投资者回应时的分散注意力和股票定价错误。公司的盈利新闻。；我使用给定收益公告日公司一级的国内GAAP数量作为同时存在国内GAAP程度的指标，并测试国内GAAP数量对初始市场反应的增量影响收益以及美国和美国预托证券公司的PEAD。我发现，更少的不同国内公认会计原则的存在会产生更高的收益响应系数和交易量对企业收益消息的反应，并且对PEAD的增量影响较小。与在具有国内GAAP的公告日相比，基于PEAD在收益公告日的对冲投资组合的获利能力要低。结果表明，通过减少投资者有限的关注偏见，减少了国内公认会计原则的存在有助于投资决策和提高市场效率。这些发现为当前国内会计准则趋同运动提供了重要的启示。这也是研究不同国内公认会计原则与投资者有限注意力偏差之间关系的第一篇论文。

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作者
Chi, Suli.;
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作者单位

University of California, Irvine.;

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授予单位 University of California, Irvine.;
学科 Business Administration Accounting.;Economics General.
学位 Ph.D.
年度 2010
页码 63 p.
总页数 63
原文格式 PDF
正文语种 eng
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Simultaneous presence of different domestic GAAPs and investors' limited attention bias in U.S. equity markets: Implications for convergence .

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