...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Review of accounting studies >Investor sophistication and disclosure clienteles
【24h】

Investor sophistication and disclosure clienteles

机译：投资者的成熟度和披露客户

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist because variation in investor sophistication affects investors' ability to utilize disclosed information and thus their preferences for distinct disclosure activities. I use cross-sectional variation in inefficient exercise activity in the options market to identify variation in sophistication (e.g., investors' attention, knowledge, and expertise) and then present empirical evidence consistent with disclosure clienteles. The results show that sophisticated investors concentrate their trading in firms that regularly issue earnings guidance. This relation is stronger before RegFD, when sophisticated investors' preferences for forecasting firms are predicted to be greater. Alternatively, less sophisticated investors are more prevalent in firms with increased levels of press-dissemination and superior investor relations (e.g., better access to information on the corporate website). These results suggest investors' demand for disclosure is partially driven by their ability to use disclosed information.
机译：本文探讨了披露客户的想法。披露客户是指不同类型的披露活动以不同程度的复杂性使投资者有区别地受益的能力。存在披露客户的原因是，投资者复杂程度的变化会影响投资者利用披露信息的能力，从而影响他们对不同披露活动的偏好。我使用期权市场中低效行权活动的横断面变化来识别复杂程度的变化（例如，投资者的注意力，知识和专业知识），然后提供与披露客户一致的经验证据。结果表明，经验丰富的投资者将交易集中在定期发布收益指引的公司中。在RegFD之前，这种关系更加牢固，因为成熟的投资者对预测公司的偏好预计会更大。另外，在新闻传播水平提高和投资者关系良好（例如，更好地访问公司网站上的信息）的公司中，较老练的投资者更为普遍。这些结果表明，投资者对信息披露的需求在一定程度上受到了他们使用信息披露能力的驱动。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号