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Unexpected distractions and investor attention to corporate announcements
Review of Accounting Studies ( IF 4.011 ) Pub Date : 2021-07-28 , DOI: 10.1007/s11142-021-09618-4
Doron Israeli 1, 2 , Ron Kasznik 3 , Suhas A. Sridharan 4
Affiliation  

We investigate how unexpected distractions affect investor reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the presence of potential investor distraction. Since breaking news captured by this index is largely unpredictable and unrelated to investors’ valuation decisions, our research design offers a unique opportunity to examine investor attention in the absence of strategic timing of announcements by managers. Using overall trading volume and Google searches as measures of investor attention, we find that investors are susceptible to distractions in their reactions to earnings announcements. We further find that DNP measures a form of distraction that affects retail but not institutional investors. Furthermore, in contrast to prior research that employs predictable measures of distraction, we find that price reactions to earnings announcements are not affected by unexpected distractions. Our results reveal that unexpected distractions reduce the attention of retail investors to earning announcements but do not necessarily lead to observable pricing effects.



中文翻译:

意外的干扰和投资者对公司公告的关注

我们调查意外的干扰如何影响投资者对公司收益公告的反应。我们使用每日新闻压力 (DNP) 指数作为是否存在潜在投资者分心的代理。由于该指数捕获的突发新闻在很大程度上是不可预测的,并且与投资者的估值决策无关,因此我们的研究设计提供了一个独特的机会,可以在经理没有战略性公告时机的情况下检查投资者的注意力。使用整体交易量和谷歌搜索作为衡量投资者关注度的指标,我们发现投资者在对收益公告的反应中容易受到干扰。我们进一步发现,DNP 衡量的是一种影响散户但不影响机构投资者的注意力分散形式。此外,与采用可预测的注意力分散措施的先前研究相比,我们发现对收益公告的价格反应不受意外干扰的影响。我们的结果表明,意外的干扰会降低散户投资者对收益公告的注意力,但不一定会导致可观察到的定价效应。

更新日期:2021-07-28
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