We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors’ value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere. However, in addition to value-relevant information, pushed information often includes information that is irrelevant for assessing firm value. Drawing on psychology theory, we find that pushing information has divergent effects depending on the value relevance of the information. Pushing only value-relevant information increases investors’ processing of the information and leads to more accurate value estimates and market prices than when not pushed. In contrast, pushing a mix of value-relevant and value-irrelevant information reduces investors’ processing of value-relevant information, leading to less accurate value estimates and market prices due to poorer acquisition and integration of information than when not pushed or when only value-relevant information is pushed. Collectively, our results reveal a dark side to push technologies, particularly with the growing presence of value-irrelevant information.

中文翻译：

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信息推送和价值关联对投资者判断和市场效率的共同影响

我们使用实验市场来研究推动投资信息和该信息的价值相关性如何相互作用以影响投资者的价值估计准确性和市场价格效率。技术的发展使信息可以随时随地推送给投资者。然而，除了与价值相关的信息外，推送的信息通常还包括与评估公司价值无关的信息。借鉴心理学理论，我们发现推送信息具有不同的效果，具体取决于信息的价值相关性。仅推送与价值相关的信息会增加投资者对信息的处理，并导致比不推送时更准确的价值估计和市场价格。相比之下，价值相关信息，由于信息的获取和整合比不推送或仅推送与价值相关的信息时更差，导致价值估计和市场价格的准确性降低。总的来说，我们的结果揭示了推动技术发展的阴暗面，尤其是在与价值无关的信息越来越多的情况下。