Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs
研究发现，即使个人投资者能轻易获取会计信息，他们的交易仍主要基于过去股票回报，而非会计信息，质疑了旨在提高投资者信息意识和获取的监管有效性。
ABSTRACT We investigate the frictions that impede individual investors’ use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are presented with automated media articles that report both current earnings news and past stock returns. Although these investors have earnings information readily available, we find no evidence that their trades incorporate it. Instead we find that their trading responds to the trailing stock returns presented in the articles. Our study raises questions about the efficacy of regulations that aim to aid less sophisticated investors by increasing their awareness of and access to accounting information.