The Effects of Reporting Complexity on Small and Large Investor Trading
The Effects of Reporting Complexity on Small and Large Investor Trading
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DOI：
10.2139/ssrn.1473863
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发表时间：
2010-05
期刊：
影响因子：
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通讯作者：
B. Miller
中科院分区：
文献类型：
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作者：
B. Miller
摘要：本研究探讨财务报告复杂性对投资者交易行为的影响。我发现，更复杂（更长，可读性更差）的申报与整体交易量下降有关，这种关系似乎是由于小投资者交易活动的减少。其他证据表明，报告的复杂性和较低的异常交易之间的关联是由公司的披露属性的横截面变化和披露复杂性随时间的变化。考虑到监管机构对简明英语披露的担忧以及更多披露的趋势，我对报告复杂性对小型和大型投资者的影响的调查应该对关注报告清晰度和公平竞争的监管机构感兴趣。
ABSTRACT: This study examines the effects of financial reporting complexity on investors’ trading behavior. I find that more complex (longer and less readable) filings are associated with lower overall trading, and that this relationship appears due to a reduction in small investors’ trading activity. Additional evidence suggests that the association between report complexity and lower abnormal trading is driven by both cross-sectional variation in firms’ disclosure attributes and variations in disclosure complexity over time. Given regulatory concerns over plain English disclosures and the trend toward more disclosure, my investigation into the effects of reporting complexity on small and large investors should be of interest to regulators concerned with reporting clarity and leveling the playing field across classes of investors.