Abstract
基於心理學的“有限注意”觀點，本文檢驗了我國股市盈餘公告後投資者對於不同公佈時機盈餘資訊的不同反應，發現我國盈餘公告存在顯著的“周歷效應”和“集中公告效應”。同時，本文發現我國上市公司在選擇盈餘資訊披露時機時，傾向於在週六公佈壞消息以減少投資者的關注程度。
Based on the theory of "limited attention", this paper tests the investor’s reaction to the earning announcement in different timing. The result shows that there exists significant "Week Day Effect" and "Announcement Concentration Effect", and more investors neglect of the announcement information while the earning information disclose on Monday, Friday and Saturday. The author also finds that the listed company prefers to disclose bad earning news on Saturday. The disclosure timing can decrease investors’ attention to some extent. Copyright © 2008 中國金融學會.
Based on the theory of "limited attention", this paper tests the investor’s reaction to the earning announcement in different timing. The result shows that there exists significant "Week Day Effect" and "Announcement Concentration Effect", and more investors neglect of the announcement information while the earning information disclose on Monday, Friday and Saturday. The author also finds that the listed company prefers to disclose bad earning news on Saturday. The disclosure timing can decrease investors’ attention to some extent. Copyright © 2008 中國金融學會.
| Original language | Chinese (Simplified) |
|---|---|
| Pages (from-to) | 152-167 |
| Journal | 金融研究 |
| Volume | 2008 |
| Issue number | 2 |
| Publication status | Published - 2008 |
Citation
譚偉強(2008)：我國股市盈餘公告的“周歷效應”與“集中公告效應”研究，《金融研究》，2008(2)，頁152-167。Keywords
- 盈餘公告後價格漂移（PEAD）
- 有限注意
- 公告效應
- Post-earning-announcement drift
- Limited attention
- Announcement effect
- Alt. title: The study on week day effect and announcement concentration effect of earning announcement in China’s stock market