Limited Attention and Information Processing
基于有限注意力理论，比较工作日与周末盈余公告的市场反应，发现投资者注意力不足会降低信息处理效率，导致反应延迟和漂移，且牛市效应更强，新会计准则能改善效率。
Based on the 'limited attention' theory,this paper compares the responses to earnings announcements on weekdays,when investor inattention is more likely,to the response on weekends.It is found that inattention influences the ability to process information and less immediate response and more drift for weekday's announcements. The limited attention will influence the efficiency of information processing,but not the effect. Additionally,the degree of the attention influence seems to vary across different phases of stock market cycle. The stronger limited attention effect is found during the bull market.The authors also find that the implement of the new accounting standards,which makes investor better understand the financial information,improve the efficiency of information processing.