Complexity aversion when Seeking Alpha
نویسندگان
چکیده
A global field experiment with Seeking Alpha shows that textual complexity affects investor attention to news and market outcomes. Investors were randomly assigned different titles for the same article. Holding article fixed, a one-standard-deviation increase in leads 6.1% fewer views. Complexity is more off-putting less-sophisticated investors, when limited, likely less important. Exploiting an arbitrary rule breaking ties between tested titles, I find title markets—lowering announcement turnover volatility.
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ژورنال
عنوان ژورنال: Journal of Accounting and Economics
سال: 2022
ISSN: ['0165-4101', '1879-1980']
DOI: https://doi.org/10.1016/j.jacceco.2021.101477