JOURNAL OF ACCOUNTING RESEARCH, VOLUME56, ISSUE 2, MAY 2018
投资者行为与直接持股的好处
作者：DARREN BERNARD(London Business School)
NICOLE L. CADE (University of Pittsburgh)
FRANK HODGE (University of Washington)
摘要：通过实验来排除反向因果关系，本文研究了公司股票的小额投资是否会导致投资者购买更多的公司产品，并形成有利于公司的其他观点和偏好。我们通过“Journal of Accounting Research”，基于注册的编辑流程，预先登记我们的研究方法、假设和补充分析。通过样本我们发现，使用单变量假设检验，对于投资者来说很少有证据符合这些假设，并且贝叶斯参数估计显示对效果的更乐观的事前期望会导致信念的大幅下降。然而，在补充分析中我们发现，所有权对产品购买行为和监管偏好的影响在直观上对于某些投资者子群来说更强，即那些最有可能购买公司提供的产品类型的投资者以及最有可能就政治事务投票的投资者。这些结果有助于我们理解直接持股的好处，并对上市公司经理和董事都有帮助。
关键词：直接持股，投资者行为，贝叶斯分析，注册报告
Investor Behavior and the Benefits of Direct Stock Ownership
DARREN BERNARD (London Business School), NICOLE L. CADE (University of Pittsburgh), FRANK HODGE (University of Washington)
ABSTRACT
Using an experiment to rule out reverse causality, we examine whether a small investment in a company's stock leads investors to purchase more of the company's products and adopt other views and preferences that benefit the company. We preregister our research methods, hypotheses, and supplemental analyses via the Journal of Accounting Research’s registration‐based editorial process. We find little evidence consistent with these hypotheses for the average investor in our sample using our planned univariate hypothesis tests, and planned Bayesian parameter estimation shows substantial downward belief revision for more optimistic ex ante expectations of the treatment effects. In planned supplemental analyses, however, we do find that the effects of ownership on product purchase behavior and on regulatory preferences are intuitively stronger for certain subgroups of investors—namely, for investors who are most likely to purchase the types of products offered by the company and for investors who are most likely to vote on political matters. The results contribute to our understanding of the benefits of direct stock ownership and are informative to public company managers and directors.
Keywords: Direct Stock Ownership, Investor Behavior, Bayesian Analysis, Registered Report
原文链接：
https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-679X.12198
翻译：王秭越
