Investor Attention and the Effect of Earnings Announcements on Monday
研究发现周一盈余公告因周末信息积累导致股价波动更大，投资者更关注，从而市场反应更即时、漂移更小，且交易量更低，表明投资者注意力是稀缺认知资源，影响信息披露的经济后果。
Investors recognize risk and increase attention to stock market on Monday because weekend information accumulation causes higher volatility of stock price.This paper empirically compares the response to the earnings announcements on Monday with the response on other weekdays.We observe more immediate response and less drift for Monday announcements.The differences are stronger in up markets than in down markets.In addition,higher risk makes investors more wary and trading volume is lower around Monday announcements. These findings indicate that investor attention is a scare cognitive resource and that its allocation has an effect on economic consequence of information disclosure for listed companies.