Competing Information Disclosure,Investor Attention and the Efficiency of Information Dissemination
研究了竞争性信息披露产生的信息溢出效应如何影响投资者注意力分配和信息传播效率，发现相关竞争信息能提高投资者分类学习效率，促进信息传播。
Investor attention,as a scarce resource,its allocation will cause economic consequence.This paper investigates the impact of information spill-over effect caused by competing information disclosure on investor attention allocation and the efficiency of information dissemination.The results show,the immediate price reaction to disclosure increases with the number of competing disclosure,and post-earnings announcement drift decreases with the number of competing disclosure.When we classified the competing information into related information and unrelated information,the additional results show it's the related information that caused the above immediate price reaction effect and post-earnings announcement drift effect.The results overall indicate, related information disclosure can improve the efficiency of investor's classification-learning,and facilitate the efficiency of information dissemination and improving the reading capacity of investor.