We study how short-term changes in institutional owner attention affect managers’ short-term disclosure choices. Holding institutional ownership constant and controlling for industry-quarter effects, we find that managers respond to attention by increasing the number of forecasts and 8-K filings. Rather than alter the decision of whether to forecast or to provide more informative disclosures, attention causes minor disclosure adjustments. Although attention explains significant variation in the quantity of disclosure, we find little change in abnormal volume and volatility, the bid-ask spread, or depth. Overall, our evidence suggests that management responds to temporary institutional investor attention by making disclosures that have little effect on information quality or liquidity.

中文翻译：

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机构投资者注意和公司披露

我们研究了机构所有者注意的短期变化如何影响经理的短期披露选择。在保持机构所有权不变并控制行业季度效应的情况下，我们发现管理人员通过增加预测和8-K申请数量来回应关注。注意不是改变预测或提供更多信息披露的决定，而是引起轻微的披露调整。尽管注意解释了披露数量的显着变化，但我们发现异常交易量和波动率，买卖价差或深度变化很小。总体而言，我们的证据表明，管理层通过披露对信息质量或流动性影响很小的信息来回应机构投资者的临时关注。