THE JOURNAL OF ACCOUNTING RESEARCH.29 July 2018

为什么个体投资者会无视会计信息？信息意识和收购成本的作用

作者：ELIZABETH BLANKE SPOOR（Foster School of Business）

ED DEHAAN（University of Washington）

JOHN WERTZ（The Wharton School）

CHRISTINA ZHU（University of Pennsylvania）

摘要：本文对阻碍个人投资者使用会计信息的摩擦，特别是监督和获取会计披露的成本进行了研究。我们使用档案设置来展开研究，这种设置自动向个人提供包含当前收益新闻和过去股票收益的媒体文章。虽然这些投资者可以随时获得收益信息，但我们没有发现他们的交易包含了这些信息的证据。相反，我们发现他们的交易对文章中提供的尾随股票回报做出反应。我们的研究对那些旨在通过提高不成熟的投资者对会计信息的认识和获取来对其提供帮助的规章制度的有效性提出了质疑。

关键词：信息成本；信息意识；信息获取；个人投资者；盈利公告；交易量；自动化

Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs

ELIZABETH BLANKE SPOOR（Foster School of Business）, ED DEHAAN（University of Washington）, JOHN WERTZ（The Wharton School）, CHRISTINA ZHU（University of Pennsylvania

ABSTRACT

We investigate the frictions that impede individual investors’ use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are presented with automated media articles that report both current earnings news and past stock returns. Although these investors have earnings information readily available, we find no evidence that their trades incorporate it. Instead we find that their trading responds to the trailing stock returns presented in the articles. Our study raises questions about the efficacy of regulations that aim to aid less sophisticated investors by increasing their awareness of and access to accounting information.

Keywords: Information Costs; Information Awareness; Information Acquisition; Individual Investors; Earnings Announcements; Trading Volume; Automation

原文链接： https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12248

翻译：王霄霄