投资者注意力分散与盈余预告信息及时反应关系的实证分析  

Empirical Analysis on the Relationship of Investors’ Distraction and Timely Price Reaction to the Earnings Pre-earnings Announcement

作　　者：康雷宇[1] 谢玲红[2] 邱菀华[1] 

机构地区：[1]北京航空航天大学经济管理学院,北京100191 [2]中国农业科学院农业经济与发展研究所,北京100081

出　　处：《系统工程》2013年第3期28-33,共6页Systems Engineering

基　　金：国家自然基金资助项目(71071010)

摘　　要：以我国上市公司2003～2009年的年报中的盈余预告信息为样本,对投资者注意力分散与盈余预告信息及时反应的关系进行了实证分析,通过将盈余预告信息分为投资者注意力更为分散的周五样本组和投资者注意力相对更为集中的非周五组,我们得出:投资者对周五公布的盈余预告信息的反应程度相比其他周历更低。因而从投资者注意力分散的角度对盈余惯性异象给出解释。Taking earning pre-announcement information of annual report in China’s listed companies from 2003 to 2009 as our sample;we make an empirical study of the relationship of investors’ distraction and its timely response to the earning pre-announcement information.By dividing earning pre-announcement information into Friday group that investors’ attention are more dispersed and non-Friday group that investor attention are relatively more concentrated,we reach conclusion that investors’ timely response to the earning pre-announcement information on Friday are lower than that in other calendar week.Thus,from the point of view of investors’ distraction to explain the surplus inertia vision.

关 键 词：投资者注意力分散 盈余预告 及时反应 

分 类 号：F830[经济管理—金融学]