Individual investors and financial disclosure

Lawrence, A (2013) Individual investors and financial disclosure. Journal of Accounting and Economics, 56 (1). pp. 130-147. ISSN 0165-4101

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Using detailed data of individual investors, this study shows that, on average, individuals invest more in firms with clear and concise financial disclosures. The results indicate this relation is less pronounced for high frequency trading and financially-literate individuals. The study also shows that individuals' returns are increasing with clearer and more concise disclosures, implying such disclosures reduce individuals' relative information disadvantage. Together, the findings suggest improved corporate disclosure practices benefit individual investors, in particular buy-and-hold investors.

Item Type: Article
Subjects: D > Disclosure of financial information
I > Investment theory
I > Information
Subject Areas: Accounting
DOI: 10.1016/j.jacceco.2013.05.001
Date Deposited: 31 Aug 2017 15:50
Last Modified: 31 Aug 2017 15:50

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