Are Investors Influenced by the Order of Information in Earnings Press Releases?

Lin Cheng (First Author), Andrew Van Buskirk (Participant Author), Darren T. Roulstone (Participant Author)

科研成果: 期刊稿件期刊论文

4 引用 (Web of Science)


We examine how the ordering of information within quarterly earnings announcements influences investor response to those announcements. Specifically, we examine whether earlier discussion of earnings information, and earlier discussion of qualitatively positive or negative information, is associated with stronger responses to that information. Controlling for the linguistic content of the earnings announcement, we find a positive relation between investor response to information and the prioritization of that information in the earnings announcement. We find no evidence of investor over-reaction and, to the contrary, find some evidence that investors under-react to prioritized information. Our evidence, in conjunction with experimental evidence in Elliott (2006), suggests that information placement influences investors' responses. However, unlike the experimental evidence in Elliott (2006), our archival results suggest that investor response to information placement is warranted, rather than the result of an unintentional cognitive effect.
期刊The Accounting Review
已出版 - 2021


  • disclosure
  • earnings release
  • order of information
  • under-reaction


  • FT
  • ABDC-A*
  • SSCI


探究 'Are Investors Influenced by the Order of Information in Earnings Press Releases?' 的科研主题。它们共同构成独一无二的指纹。