The Joint Influence of Information Push and Value Relevance on Investor Judgments and Market Efficiency

W. B. Elliott, Brian T. Gale, Jessen L. Hobson
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引用次数: 1

Abstract

We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors’ value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere. However, in addition to value-relevant information, pushed information often includes information that is irrelevant for assessing firm value. Drawing on psychology theory, we find that pushing information has divergent effects depending on the value relevance of the information. Pushing only value-relevant information increases investors’ processing of the information and leads to more accurate value estimates and market prices than when not pushed. In contrast, pushing a mix of value-relevant and value-irrelevant information reduces investors’ processing of value-relevant information, leading to less accurate value estimates and market prices than when not pushed or when only value-relevant information is pushed. A supplemental experiment provides evidence that this differential processing is primarily attributable to differences in acquisition rather than integration of the value-relevant information. Collectively, our results reveal a dark side to push technologies, particularly with the growing presence of value-irrelevant information.
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信息推送和价值关联对投资者判断和市场效率的共同影响
我们使用实验市场来检验推动投资信息和该信息的价值相关性如何相互作用,以影响投资者的价值估计准确性和市场价格效率。技术的发展使得信息可以随时随地地传递给投资者。然而,除了与价值相关的信息外,推送的信息通常还包括与评估公司价值无关的信息。根据心理学理论,我们发现推送信息的效果取决于信息的价值相关性。只推送与价值相关的信息会增加投资者对信息的处理,并导致比不推送时更准确的价值估计和市场价格。相比之下,推动价值相关和价值无关信息的混合信息会减少投资者对价值相关信息的处理,导致价值估计和市场价格的准确性低于不推动或仅推动价值相关信息的情况。一项补充实验提供了证据,证明这种差异处理主要归因于获取价值相关信息的差异,而不是整合价值相关信息的差异。总的来说,我们的研究结果揭示了推动技术发展的阴暗面,特别是随着与价值无关的信息日益增多。
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