Financial Management · 16 May 2018

非信息性文本是否影响投资者行为？

作者：Alyssa G. Anderson (Federal Reserve Board in Washington, DC)

Yelena Larkin (Schulich School of Business at York University in Toronto, Canada)

摘要：本文证明，即使在没有任何信息内容的情况下，容易处理的文本也会影响投资者的交易行为。我们研究了美国公司的交易代码，发现具有聪明的交易代码（在英文中指实际的单词）的股票流动性更高，表现为更高的成交额和交易量以及更低的价差。此外，聪明的股票交易代码被不知情的投资者更多地交易，并且在收益公布日有更大的市场反应。这些结果表明，交易代码的流畅性由于其注意力吸引性以及易于记忆性，提高了交易公司对于散户投资者的可见性，进而促进了交易。

Does Noninformative Text Affect Investor Behavior?

Alyssa G. Anderson (Federal Reserve Board in Washington, DC), Yelena Larkin (Schulich School of Business at York University in Toronto, Canada)

ABSTRACT

This article demonstrates that easily processed texts affect investor trading behavior even in the absence of any informational content. We examine the trading symbols of US firms and find that stocks with clever tickers (those that are actual words in the English language) are more liquid, as measured by higher turnover and trading volume, as well as lower spreads. Furthermore, clever ticker stocks are traded more by uninformed investors and have larger market reactions on earnings announcement days. These results suggest that ticker fluency facilitates trading by improving the firm's visibility among retail investors through attention grabbing and memorization.

原文链接：https://onlinelibrary.wiley.com/doi/full/10.1111/fima.12225

翻译：施懿