This paper synthesizes existing experimental research in the area of investor perceptions and offers directions for future research. Investor-related experimental research has grown substantially, especially in the last decade, as it has made valuable contributions in establishing causal links, examining underlying process measures, and examining areas with little available data. Within this review, I examine 121 papers and identify three broad categories that affect investor perceptions: information format, investor features, and disclosure credibility. Information format describes how investors are influenced by information salience, information labeling, reporting and accounting complexity, financial statement recognition, explanatory disclosures, and proposed disclosure changes. Investor features describes investors’ use of heuristics, investor preferences, and the effect of investor experience. Disclosure credibility is influenced by external and internal assurance, management credibility, disclosure characteristics, and management incentives. Using this framework, I summarize the existing research and identify areas that would benefit from additional research.

本文综合了投资者认知领域的现有实验研究，并为未来的研究提供了方向。与投资者有关的实验研究已经取得了长足的发展，尤其是在最近的十年中，因为它在建立因果联系，检查基本的过程度量以及检查缺乏可用数据的领域方面做出了宝贵的贡献。在这篇综述中，我研究了121篇论文，确定了影响投资者看法的三大类：信息格式，投资者特征和披露信誉。信息格式描述了投资者如何受到信息显着性，信息标签，报告和会计复杂性，财务报表确认，解释性披露以及拟议的披露变更的影响。投资者特征描述了投资者对试探法的使用，投资者的偏好，以及投资者经验的影响。披露信誉受内部和外部保证，管理信誉，披露特征和管理激励因素的影响。使用此框架，我总结了现有研究并确定了可以从其他研究中受益的领域。