解释投资者对增加收入的执着:对收入与支出差异反应的实验研究*

IF 1.6 Q3 BUSINESS, FINANCE
James Smith, Michael Wynes
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引用次数: 0

摘要

先前的研究表明,投资者对收入增加和支出减少的反应是不同的。我们使用实验方法来解释这种差异反应是如何的,至少部分是由于投资者决策过程中的启发式过程。对我们的研究至关重要的是,我们进一步证明,即使收入增长可以解释一小部分意外,投资者对公司的判断也会比人们预期的更加积极。尽管这些投资者对下一时期提供了类似的盈利预测,但这一结果还是有些令人惊讶,这表明我们的结果并不完全是由对盈利意外持续时间的不同判断造成的。这些发现与光环效应是一致的。光环效应是心理学文献中描述的一种现象,在进行评估时,一个人对某个突出因素的关注会影响对其他因素的评估。本文有助于解释在评估收入和支出变化的影响时个人投资者行为的一些复杂性。具体来说,投资者偏好收入增加而不是费用减少,部分原因是由于对投资者来说不明显的偏见,使他们难以调整这些偏见。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Explaining Investors' Fixation on Increasing Revenue: An Experimental Investigation of the Differential Reaction to Revenues versus Expenses*

Prior research has demonstrated that investors have differential reactions to revenue increases versus expense decreases in firms with positive earnings surprises. We use the experimental method to explain how this differential reaction is, at least in part, due to a heuristic-like process in investors' decision-making processes. Critical to our study, we further demonstrate that when revenue increases explain even a small portion of that surprise, investors make more positive judgments about the firm than one might expect. This somewhat surprising result occurs even though those same investors provide similar earnings forecasts for the next period, indicating that our results are not entirely caused by differential judgments regarding the persistence of the earnings surprise. These findings are consistent with the halo effect, a phenomenon described in psychology literature in which, when making evaluations, one's focus on a certain salient factor impacts assessments regarding other factors. This article helps to explain some of the complexities with individual investor behavior when evaluating the impact of changes in revenues and expenses. Specifically, investors' preference for revenue increases as compared to expense decreases is partially caused by biases that are not obvious to investors, making it difficult for them to adjust for these biases.

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来源期刊
Accounting Perspectives
Accounting Perspectives BUSINESS, FINANCE-
CiteScore
2.60
自引率
0.00%
发文量
30
期刊介绍: Accounting Perspectives provides a forum for peer-reviewed applied research, analysis, synthesis and commentary on issues of interest to academics, practitioners, financial analysts, financial executives, regulators, accounting policy makers and accounting students. Articles are sought from academics and practitioners that address relevant issues in any and all areas of accounting and related fields, including financial accounting and reporting, auditing and other assurance services, management accounting and performance measurement, information systems and related technologies, tax policy and practice, professional ethics, accounting education, and related topics. Without limiting the generality of the foregoing.
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