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论文类型：会议论文

发表时间：2018-01-01

收录刊物：CPCI-SSH

页面范围：204-209

关键字：Account information; Reactions to annual report; Overconfidence

摘要：This study, using a unique dataset of account information for all shareholders in China's Shenzhen Stock Exchange, analyzes the different investor behaviors after the release of annual reports and their reactions to revenue information. Results indicate that individual investors are apt to increase their positions after the release of the annual report, whereas institutional investors do the opposite. We assume that their different degrees of confidence lead to different behaviors after the annual announcements.