{"title":"可读性是否能提高投资者对套期保值头寸的理解?","authors":"Wenhuan Liu, Yue Yan, Bin Li, Chaosha Yang","doi":"10.1111/auar.12423","DOIUrl":null,"url":null,"abstract":"<p>Readability is a key issue in the presentation of hedging risk information. We use psychological theories and experiments to analyse and examine the effects of the readability of hedging risk and hedge effectiveness information on investors’ assessment of investments. We find that when hedging risk information presentation is more readable, investors’ judgement of the attractiveness of an investment is higher when hedging effectiveness is high than when hedging effectiveness is low. However, when hedging risk presentation information is less readable, there is no significant difference in their judgement of the attractiveness of an investment between two hedging effectiveness levels. Meanwhile, we further identify the mediation effects of the readability of hedging risk information on investors’ judgement of an investment's attractiveness. The findings of our study have significant implications for improving accounting information readability and enhancing accounting information quality.</p>","PeriodicalId":51552,"journal":{"name":"Australian Accounting Review","volume":null,"pages":null},"PeriodicalIF":3.1000,"publicationDate":"2024-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/auar.12423","citationCount":"0","resultStr":"{\"title\":\"Does Readability Improve Investors’ Understanding of Hedging Positions?\",\"authors\":\"Wenhuan Liu, Yue Yan, Bin Li, Chaosha Yang\",\"doi\":\"10.1111/auar.12423\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Readability is a key issue in the presentation of hedging risk information. We use psychological theories and experiments to analyse and examine the effects of the readability of hedging risk and hedge effectiveness information on investors’ assessment of investments. We find that when hedging risk information presentation is more readable, investors’ judgement of the attractiveness of an investment is higher when hedging effectiveness is high than when hedging effectiveness is low. However, when hedging risk presentation information is less readable, there is no significant difference in their judgement of the attractiveness of an investment between two hedging effectiveness levels. Meanwhile, we further identify the mediation effects of the readability of hedging risk information on investors’ judgement of an investment's attractiveness. The findings of our study have significant implications for improving accounting information readability and enhancing accounting information quality.</p>\",\"PeriodicalId\":51552,\"journal\":{\"name\":\"Australian Accounting Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.1000,\"publicationDate\":\"2024-05-24\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/auar.12423\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Australian Accounting Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/auar.12423\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Australian Accounting Review","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/auar.12423","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Does Readability Improve Investors’ Understanding of Hedging Positions?
Readability is a key issue in the presentation of hedging risk information. We use psychological theories and experiments to analyse and examine the effects of the readability of hedging risk and hedge effectiveness information on investors’ assessment of investments. We find that when hedging risk information presentation is more readable, investors’ judgement of the attractiveness of an investment is higher when hedging effectiveness is high than when hedging effectiveness is low. However, when hedging risk presentation information is less readable, there is no significant difference in their judgement of the attractiveness of an investment between two hedging effectiveness levels. Meanwhile, we further identify the mediation effects of the readability of hedging risk information on investors’ judgement of an investment's attractiveness. The findings of our study have significant implications for improving accounting information readability and enhancing accounting information quality.