... of these issues on market investors’ trading. Our experimental market results suggest that nonprofessional investors presented with whole-number quarterly earnings exhibit insensitivity to the large numbers (i.e., psychophysical numbing). Further, we find evidence suggesting that investors in the whole-number...

... nonprofessional investors' perceptions of bad news or enhance perceptions of good news. We find that emojis modestly suppress participants' positive emotions on positive news, influencing their investment-related judgments and decision-making. Subsequent data collection fails to replicate the initial findings...

...James (Yibo) Zhang ABSTRACT This study examines the effect of graphical vividness on nonprofessional investors' impressions of management and firm performance when the financial performance news is either positive or negative. Conducting a 2 × 2 between-participants experiment with 470...

...Xu (Joyce) Cheng; Stephanie Walton ABSTRACT While prior research suggests that the market responds negatively to data breach disclosures, how nonprofessional investors assess factors surrounding these disclosures has only been assessed anecdotally. We examine whether investor judgments...

... cyberattack. Based on the voluntary disclosure literature, we predict and find that issuing the management component of the AICPA's cybersecurity reporting framework absent assurance is more effective when a company has not (versus has) disclosed a prior cyberattack, as nonprofessional investors are less...

...Peter C. Kipp; Yibo (James) Zhang; Amanuel F. Tadesse ABSTRACT We investigate the impact of social media messages on nonprofessional investors' assessments of management credibility and firm value. In a between-participants experiment, we examine the joint effect of social media message vividness...

... School of Management. Editor's note: Accepted by Graham Gal. March 2017 February 2018 2019 communication theory financial information information demand information transmission nonprofessional investors social media Determining how to effectively use social...

...Joel Owens; Erin M. Hawkins ABSTRACT Recently, researchers have begun using online labor markets to recruit participants for experimental studies examining the judgments and decisions of nonprofessional investors. This study investigates the quality and generalizability of data collected from...

... on trust was applied to develop a signaling research model and investigate how the reporting of nonfinancial content in e-BR can serve as a signal, specifically with nonprofessional investors. An experimental study was conducted in which the quality of e-BR and company performance was varied to investigate...