Disclosure readability and the sensitivy of investors´ valuation judgments to outside information (Registro nro. 199366)
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| 000 -LÍDER | |
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| Campo fijo de descripción fija | 02596nab a2200217 a 4500 |
| 003 - IDENTIFICADOR DEL NÚMERO DE CONTROL | |
| Campo de control | OSt |
| 005 - FECHA Y HORA DE LA ULTIMA TRANSACCIÓN | |
| control field | 20200226102013.0 |
| 008 - ELEMENTOS DE LONGITUD FIJA -- INFORMACIÓN GENERAL | |
| Campo fijo de descripción fija -- Información general | 191216s20162014xxu||||| |||| 00| 0eng d |
| 040 ## - FUENTE DE CATALOGACIÓN | |
| Agencia Catalogadora | CO-BoUGC |
| Agencia que realiza la transcripción | CO-BoUGC |
| 100 1# - ASIENTO PRINCIPAL--NOMBRE PERSONAL | |
| Nombre personal | Asay, H. Scott |
| 245 10 - TÍTULO | |
| Título | Disclosure readability and the sensitivy of investors´ valuation judgments to outside information |
| Responsables | H. Scott Asay, W. Brooke Elliott & Kristina Rennekamp |
| 300 ## - DESCRIPCIÓN FÍSICA | |
| Extensión | Páginas 1 a la 25 |
| 520 ## - NOTA DE RESUMEN, ETC. | |
| Nota de sumario, etc. | Prior literature suggests that investors react less strongly to information in less readable disclosures. We extend this literature by considering how disclosure readability affects the sensitivity of investors’ valuation judgments to the information contained in outside (i.e., non-firm) sources of information. Using an experiment, we present investors with a disclosure containing mixed news about the valence of firm performance, and this disclosure varies in readability. We find that investors who initially view a less readable firm disclosure provide valuation judgments that incorporate the outside information to a greater extent, such that their valuation judgments are more sensitive to whether outside information is relatively more or less supportive of management’s positive forward-looking statements. We find evidence that this occurs primarily because investors who view a less readable initial disclosure feel less comfortable evaluating the firm and, in turn, rely more on the outside information. We also find that viewing a less readable firm disclosure indirectly increases the extent to which participants search outside information. Combined, our results suggest that investors’ valuation judgments may be more influenced by outside sources of information when managers provide less readable firm disclosures, potentially limiting the extent to which managers can benefit from strategically issuing less readable disclosures to obfuscate poor performance. These findings also imply that investors might over-rely on more readable disclosures while discounting outside sources of information about the firm. |
| 650 14 - ASIENTO SECUNDARIO DE MATERIA - TERMINO TEMÁTICO | |
| 9 (RLIN) | 91036 |
| Término temático o nombre geográfico como elemento de entrada | Contabilidad |
| Subdivisión de forma | Publicaciones seriadas |
| 650 24 - ASIENTO SECUNDARIO DE MATERIA - TERMINO TEMÁTICO | |
| 9 (RLIN) | 176633 |
| Término temático o nombre geográfico como elemento de entrada | Información financiera |
| Subdivisión de forma | Publicaciones seriadas |
| 650 24 - ASIENTO SECUNDARIO DE MATERIA - TERMINO TEMÁTICO | |
| 9 (RLIN) | 175941 |
| Término temático o nombre geográfico como elemento de entrada | Análisis de inversiones |
| Subdivisión de forma | Publicaciones seriadas |
| 700 1# - ENTR. SECUNDARIA - Nombre Personal (R) | |
| Nombre personal | Elliott, W. Brooke |
| -- | 177541 |
| 700 1# - ENTR. SECUNDARIA - Nombre Personal (R) | |
| Nombre personal | Rennekamp, Kristina |
| -- | 177542 |
| 773 0# - ASIENTO DE ITEM FUENTE | |
| Host Biblionumber | 82265 |
| Host Itemnumber | 377623 |
| Asiento principal | The accounting review 2017 V.92 No.4 (Jul) |
| Otro identificador del ítem | 0000002032283 |
| International Standard Serial Number | 0001-4826 (papel) |
| Descripción física | 25 páginas |
| Nota | Incluye figuras, tablas, referencias bibliográficas y apéndices |
| 942 ## - TIPO DE MATERIAL (KOHA) | |
| Source of classification or shelving scheme | Dewey Decimal Classification |
| Tipo de Item KOHA | Artículo de Revista |
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