Individual investors and financial disclosure

作者: Alastair Lawrence

DOI: 10.1016/J.JACCECO.2013.05.001

关键词: Financial DisclosuresHigh-frequency tradingAccountingBusinessDetailed dataInvestment theoryDisadvantageCorporate disclosure

摘要: Using detailed data of individual investors, this study shows that, on average, individuals invest more in firms with clear and concise financial disclosures. The results indicate relation is less pronounced for high frequency trading financially-literate individuals. also that individuals' returns are increasing clearer disclosures, implying such disclosures reduce relative information disadvantage. Together, the findings suggest improved corporate disclosure practices benefit particular buy-and-hold investors.

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