Accounting Information Usage and Trading by Retail Investors: Evidence from Integrated Trading Platform

IF 6.3 2区管理学 Q1 BUSINESS, FINANCE Journal of Accounting Research Pub Date : 2025-03-17 DOI:10.1111/1475-679X.12606

JACKY CHAU

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Abstract

This registered report investigates self-directed retail investors' information choices and trading decisions on an integrated trading platform that provides timely and convenient access to accounting information. The analyses reveal that these investors access a mosaic of information, with a high proportion not firm-specific. In accessing accounting disclosures, retail investors are more interested in media articles providing summaries or expert analyses than original filings. Retail trades on this integrated trading platform are more informed than another retail trading platform providing little information services while exhibiting no significant differences in informativeness compared with institutional trades using Bulge Bracket platforms. In particular, trade informativeness is more pronounced when there are accounting disclosures. The evidence suggests that self-directed retail investors can benefit from a trading environment that provides rich and convenient access to a mosaic of information, particularly timely accounting disclosures.

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会计信息使用与散户交易：来自综合交易平台的证据

本注册报告调查了自主散户投资者在综合交易平台上的信息选择和交易决策，该平台提供了及时方便的会计信息访问。分析显示，这些投资者获得的信息五花八门，其中很大一部分不是针对特定公司的。在获取会计披露信息方面，散户投资者对提供摘要或专家分析的媒体文章比对原始文件更感兴趣。在这个综合交易平台上，散户交易比另一个提供很少信息服务的散户交易平台更了解情况，而与使用突出支架平台的机构交易相比，其信息量没有显著差异。特别是，当有会计披露时，贸易信息更加明显。有证据表明，自我导向的散户投资者可以从一个提供丰富而便捷的信息获取渠道的交易环境中受益，尤其是及时的会计披露。

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来源期刊

Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

7.80

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.

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