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The effect of investor sophistication on the influence of nonfinancial performance indicators on investors' judgments

机译：投资者成熟度对非财务绩效指标对投资者判断的影响

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This paper presents an experiment that examines how enhanced disclosure of nonfinancial performance indicators affects the stock-price estimates of nonpro-fessional and professional investors. Participants were provided with a case study containing excerpts from a hypothetical company's annual report. The experiment was a 2 (nonprofessional and professional) × 3 (positive nonfinancial performance indicators, negative nonfinancial performance indicators, and financial information only) between-subjects design. Consistent with conservatism, the nonprofessional investors underreacted in their stock-price estimates to the positive nonfinancial disclosures, compared with professional investors with task-specific knowledge. The results from this study suggest that the value of enhanced disclosure of this type may not flow equally to all users of financial reports, if conservatism, and lack of task-specific knowledge, adversely affect their decision-making.
机译：本文提出了一项实验，以检验增强的非财务绩效指标的披露如何影响非专业和专业投资者的股票价格估计。向参与者提供了一个案例研究，其中包含假设公司年度报告的摘录。实验是2（非专业和专业）×3（正面非财务绩效指标，负面非财务绩效指标和仅财务信息）受试者之间的设计。与保守主义一致，与具有特定任务知识的专业投资者相比，非专业投资者的股票价格估计对积极的非财务信息披露反应不足。这项研究的结果表明，如果保守性和缺乏特定任务的知识会对他们的决策产生不利影响，则这种类型的增强披露的价值可能不会平等地流向财务报告的所有用户。

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