投资者异质性与会计盈余信息的市场反应

本文借鉴经济学和心理学最新研究成果，从信息使用者的角度，分析具有前景理论和心理账户理论描述特徵的异质投资者的非理性行为，封会计盈余信息所蕴含价值的市场反应的影响：研究发现，具有前景理论和心理账户理论描述特徵的异质投资者，会倾向于继续持有亏损的股票，并卖出赢利的股票。在这种情况下，股票价格对于新增会计盈余信息的变化，会受到投资者心理账户申对于自身所持股票赢利或亏损分类的影响，造成以股票价格变化来衡量的会计盈余信息价值含量降低。本文的研究成功地把投资者心理因素与行为偏差的影响引入会计研究领域中，为後续研究提供了新思路.

Investor bias and the market reaction to accounting earnings information

This paper relates to the latest research results economics and psychology, from the view of information users, analyses accounting information contains of the impact of market response, which are described by the heterogeneous characteristics of the irrational behavior of investors with prospect theory and mental accounting theory. The authors found, with the prospect theory and mental accounting theory, described by the heterogeneous characteristics investors will tend to hold a loss of stocks, and selling profitable stocks. In this case, the stock price for the new changes in accounting earnings information will be subject to investor psychology accounts for its stock held by the impact ofprot]t or loss category, resulting in stock price changes to measure the value of information content of accounting earnings have fallen. This study has successfully integrated investor psychology and behavioral factors, the impact of bias introduced into the realm of accounting research, for the post need to research a new way of thinking.