How Does Using a Mobile Device Change Investors’ Reactions to Firm Disclosures?
实验发现，在电脑屏幕上阅读披露时，信息选择（允许投资者自主选择阅读顺序和内容）能改善判断；但在手机等小屏幕上，信息选择反而因认知超载损害判断，而减少滚动可缓解此问题。
ABSTRACT I examine how characteristics of investors’ information access tools change investors’ reactions to firm disclosures. I examine my research question in the context of information choice (i.e., allowing investors to choose the order of information and sections to read within a disclosure) and spatial layout (i.e., how information is displayed when viewing the disclosure). Results of an experiment are consistent with information choice improving investors’ judgments if the disclosure is viewed on a computer screen. Conversely, and consistent with cognitive overload, information choice harms investors’ judgments if the disclosure is viewed on a smaller screen, such as that of a mobile device. Follow‐up experiments show that changing the disclosure presentation to reduce the need to scroll is one way to improve investors’ judgments on a smaller (or mobile) screen. My findings caution firms and regulators about expanding information choice within disclosures without considering the screen size used to access the disclosure.