Investor Attention,Earnings Announcement Effect and Announcement Timing of Management
从认知心理学视角，研究了投资者注意力与盈余公告效应及管理层公告时机的关系，发现注意力越低则公告效应越严重，且管理层会根据投资者注意力状态选择公告时机。
Based on cognitive psychology perspective,this paper examines the relations between investor attention and earning announcement effect and announcement timing of management.The empirical results show that:(1) The relation between investor attention and earning announcement effect is significant negative.The earnings announcement effect becomes more serious when investors are more likely to be limited attentive and weaker when investors are more likely to be high attention.(2) The relation between volume effect of earning announcement and investor attention is U - shape.(3) The management of listed company prefers to choose the earnings announcement timing based on investor attention state.