摘要
以中国上市公司2003～2009年盈余预告信息为样本发现:相比盈余预告信息少日和其他周历,市场对信息多日和周五、周六公布的盈余预告信息的反应程度更低,从而证实了竞争性信息以及周末公布的信息都会分散投资者注意力的假设。在盈余预告披露时机选择上,相比盈余预告信息少日和其他周历,盈余预告信息多日和周五、周六公布坏消息的可能性大大增加,即说上市公司管理者为了减少坏消息导致的股价下跌,倾向于在投资者注意力较为分散的时候公布不利消息,进而形成负面信息的集中披露现象。
Investors distraction will cause the inadequate response to the earnings an- nouncements. Taking earnings pre -announcements in China＇ s listed companies from year 2003-2009 as our sample ,we found that compared with other week calendar and low news days, investors pay less attention to the earnings pre-announcements disclosed on Friday/ Saturday and in high news days separately, which verifies the hypothesis that competitive in- formation and information released at weekend can distract the investors＇ attention. Moreo- ver, Companies are more likely to disclose bad news in weekend and high news days when investor are less attention than do that in other week calendar and low news days, so as to reduce the downward volatility of stock prices, which cause the phenomenon of centralized disclosing of negative information. Therefore, our study provides an alternative explanation for the bad news＂ clustering＂ phenomenon from the perspective of investors＇ distraction theory.
出处
《广东金融学院学报》
CSSCI
北大核心
2012年第2期107-120,共14页
Journal of Guangdong University of Finance
基金
国家自然科学基金(71071010
70871002)
中央高校基本科研业务费专项资金(YWF-10-06-004)
关键词
投资者注意力分散
盈余预告
披露时机
好消息
坏消息
investors distraction
earnings pre -announcements
timing of earnings an-nouncements
good news
bad news
