摘要
投资者有限关注作为投资者普遍存在的非理性偏差,会对上市公司的信息披露行为及经济后果产生重要的影响。本文从有限关注角度研究中国上市公司的业绩预告行为,分析投资者关注与业绩预告以及管理层业绩预告择机之间的关系,探讨管理层如何利用投资者某一特定非理性行为来最终影响公司的市场价值。研究发现投资者有限关注确实会对我国上市公司业绩预告的市场反应造成影响。管理层基于此种影响的认识,其业绩预告行为存在择机偏好。公司管理层倾向在投资者关注比较低的时候公布利好预测,吸引投资者的关注,扩大利好业绩所带来的影响。
Limited attention as the widespread investor irrational bias,have great impact on the information disclosure of listed companies and its economic consequences.This paper study the performance of listed companies in China from the perspective of limited attention,analysis of the relationship of the investors limited attention between earnings forecast and announcement timing of management,to explore how manager using investors＇irrational behavior to ultimately affect the company market value.The study finds that investors＇limited attention will indeed affect the market reaction of earnings forecast.Based on the understanding of such effects,there really exist announcement timing in managemen＇s performance.The company＇s management tend to announce of good forecasts when investors＇attention is the relatively low,attracting the attention of investors,to expand the impact of positive results.
出处
《投资研究》
北大核心
2012年第11期142-151,共10页
Review of Investment Studies
关键词
业绩预告
有限关注
管理层公告择机
Earnings Forecast
Limited Attention
Announcement Timing of Management
