scholarly journals Disclosure Dynamics and Investor Learning

2017 ◽  
Author(s):  
Frank Zhou
Keyword(s):  
Investor Learning

scholarly journals Disclosure Dynamics and Investor Learning

2020 ◽  
Author(s):  
Frank S. Zhou
Keyword(s):  
Capital Market ◽  
Earnings Forecast ◽  
Management Forecast ◽  
Disclosure Decisions ◽  
Forecast Data ◽  
The Mean ◽  
Investor Learning ◽  
Market Consequences ◽  
Period Model ◽  
The Capital Market

This paper examines whether investor learning about profitability (i.e., the mean of earnings distribution) leads to persistence in disclosure decisions. A repeated single-period model shows that persistent investor beliefs about profitability lead to persistent disclosure decisions. Using earnings forecast data, I structurally estimate the model and perform several counterfactual analyses. I find that, when investors are assumed to know profitability, the persistence of management forecast decisions significantly declines by 17%–27%. About 24% of firms would have disclosed differently, resulting in 3.9% net change in the amount of information (i.e., posterior variance) provided to the capital market. Collectively, the results indicate the importance of learning profitability in understanding disclosure decisions and the capital market consequences of disclosures. This paper was accepted by Shiva Rajgopal, accounting.

Investor learning and mutual fund flows

2021 ◽  
Author(s):  
Jennifer Huang ◽  
Kelsey D. Wei ◽  
Hong Yan
Keyword(s):  
Mutual Fund ◽  
Fund Flows ◽  
Investor Learning ◽  
Mutual Fund Flows

Insurer Liability Opacity, Investor Learning, and the Cost of Capital

2017 ◽  
Author(s):  
Chia-Chun Chiang ◽  
Hugh Hoikwang Kim ◽  
Greg Niehaus
Keyword(s):  
Cost Of Capital ◽  
Investor Learning ◽  
The Cost

Tests of investor learning models using earnings innovations and implied volatilities

2016 ◽  
Vol 21 (2) ◽  
pp. 400-437 ◽  
Author(s):  
Thaddeus Neururer ◽  
George Papadakis ◽  
Edward J. Riedl
Keyword(s):  
Learning Models ◽  
Investor Learning

Investor Learning and Mutual Fund Flows

2012 ◽  
Author(s):  
Jennifer C. Huang ◽  
Kelsey D. Wei ◽  
Hong Yan
Keyword(s):  
Mutual Fund ◽  
Fund Flows ◽  
Investor Learning ◽  
Mutual Fund Flows
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