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Individual Investors' Attention to Accounting Information: Message Board Discussions.

机译：个人投资者注意会计信息：留言板讨论。

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摘要

Accounting standard setters and financial information providers are interested in individual investors' use of accounting information, but find it difficult to assess with conventional data sources. Financial message boards provide a unique medium to analyze individuals' attention to accounting information on a large scale and in great detail. I examine accounting-related content in 1.94 million messages for 1,852 firms and find that individual investors pay considerable attention to accounting information. In accordance with the expectation that investors react to relevant information events, I find that accounting-related discussion is significantly elevated around earnings releases, 8-K reports, quarterly reports, and annual reports of the smallest firms. I also examine whether investors expand their accounting information acquisition and processing efforts in poor information climates. I show that accounting-related discussion increases in an environment of greater uncertainty, measured by information availability (lower analyst coverage), information precision (higher analyst forecast dispersion), and information ambiguity (higher trading volume). Lastly, I propose that greater attention to accounting information may be associated with evidence of a better-informed investor. I find evidence that higher accounting discussion around earnings announcements is associated with a reduction in information asymmetry but no evidence of a reduction in the post earnings announcement drift.
机译：会计准则制定者和财务信息提供者对个人投资者对会计信息的使用很感兴趣，但发现很难用常规数据源进行评估。金融留言板提供了一种独特的媒介，可以大规模，详细地分析个人对会计信息的关注。我检查了1,852家公司的194万条消息中与会计相关的内容，发现个人投资者非常重视会计信息。根据对投资者对相关信息事件做出反应的预期，我发现与会计相关的讨论围绕最小的公司的收益发布，8-K报告，季度报告和年度报告而大大增加。我还研究了投资者在恶劣的信息环境下是否会扩大其会计信息获取和处理工作。我表明，在信息不确定性较高的环境中，与会计相关的讨论会增加，这取决于信息可用性（分析师覆盖率较低），信息精度（分析师预测分散性较高）和信息歧义性（交易量较大）。最后，我建议对会计信息的更多关注可能与投资者信息灵通有关。我发现有证据表明，围绕盈余公告的更多会计讨论与信息不对称性降低有关，但没有证据表明盈余公告后的漂移有所减少。

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  • 作者

    Lerman, Alina.;

  • 作者单位

    New York University, Graduate School of Business Administration.;

  • 授予单位 New York University, Graduate School of Business Administration.;
  • 学科 Business Administration Accounting.;Economics Finance.
  • 学位 Ph.D.
  • 年度 2011
  • 页码 101 p.
  • 总页数 101
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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