Headline Salience, Managerial Opportunism, and Over- and Underreactions to Earnings
研究发现盈余新闻标题中数字越多（显著性越高），市场对盈余公告的即时反应越强，后续价格反转越明显；管理者会在售股前选择高显著性标题，在期权授予前选择低显著性标题，以利用投资者有限注意力谋利。
ABSTRACT Limited attention theory predicts that higher salience of earnings news implies a stronger immediate market reaction to earnings news and a weaker post-earnings announcement drift (PEAD) or reversal (PEAR). Using a new measure, SALIENCE, defined as the number of quantitative items in an earnings press release headline, we find strong evidence consistent with salience effects. Higher SALIENCE is associated with stronger announcement reaction and subsequent PEAR. Managers are more likely to choose higher SALIENCE before selling shares in the post-announcement period and when earnings are high, but less persistent, and to choose lower SALIENCE before stock option grants. The results are robust to using residual salience and an extended set of control variables. The findings are consistent with managers opportunistically headlining positive financial information in the earnings press release to incite over-optimism in investors with limited attention.