Individual investors' attention to accounting information : message board discussions

摘要: Accounting standard setters and financial information providers are interested in individual investors’ use of accounting information, but find it difficult to assess with conventional data sources. Financial message boards provide a unique medium analyze individuals’ attention on large scale great detail. I examine accounting-related content 1.94 million messages for 1,852 firms that investors pay considerable information. In accordance the expectation react relevant events, discussion is significantly elevated around earnings releases, 8-K reports, quarterly annual reports smallest firms. also whether expand their acquisition processing efforts poor climates. show increases an environment greater uncertainty, measured by availability (lower analyst coverage), precision (higher forecast dispersion), ambiguity trading volume). Lastly, propose may be associated evidence better-informed investor. higher announcements increase Earnings Response Coefficient small reduction asymmetry announcement.