{"title":"Accounting Information Usage and Trading by Retail Investors: Evidence from Integrated Trading Platform","authors":"JACKY CHAU","doi":"10.1111/1475-679x.12606","DOIUrl":null,"url":null,"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 <i>Bulge Bracket</i> 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.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"24 1","pages":""},"PeriodicalIF":4.9000,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting Research","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1111/1475-679x.12606","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
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.
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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