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Complexity Aversion When Seeking Alpha.

ProQuest Information and Learning Co.

Complexity Aversion When Seeking Alpha.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Complexity Aversion When Seeking Alpha./
作者:	Umar, Tarik.
面頁冊數:	1 online resource (61 pages)
附註:	Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
Contained By:	Dissertation Abstracts International78-12A(E).
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780355078480

Complexity Aversion When Seeking Alpha.
Umar, Tarik.

Complexity Aversion When Seeking Alpha. - 1 online resource (61 pages)

Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

I provide causal evidence that textual complexity affects investor and market behavior, using two complementary settings. First, examining field data with randomization from Seeking Alpha, I find that a standard-deviation increase in headline length (negativity) leads to 12%-fewer (2%-more) views. The effects are larger for less-sophisticated investors. Second, examining firm-earnings releases, I find a market effect by instrumenting title length with company-name length. A standard deviation increase in length leads to 5%-less-announcement turnover, 50-basis-points-tighter-intraday-price ranges, and 40-basis-points-return underreactions, correcting within one month.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355078480Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Complexity Aversion When Seeking Alpha.
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100 1 $a Umar, Tarik. $3 1180720
245 1 0 $a Complexity Aversion When Seeking Alpha.
264 0 $c 2017
300 $a 1 online resource (61 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
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500 $a Source: Dissertation Abstracts International, Volume: 78-12(E), Section: A.
500 $a Advisers: Lubos Pastor; Kelly Shue.
502 $a Thesis (Ph.D.) $c The University of Chicago $d 2017.
504 $a Includes bibliographical references
520 $a I provide causal evidence that textual complexity affects investor and market behavior, using two complementary settings. First, examining field data with randomization from Seeking Alpha, I find that a standard-deviation increase in headline length (negativity) leads to 12%-fewer (2%-more) views. The effects are larger for less-sophisticated investors. Second, examining firm-earnings releases, I find a market effect by instrumenting title length with company-name length. A standard deviation increase in length leads to 5%-less-announcement turnover, 50-basis-points-tighter-intraday-price ranges, and 40-basis-points-return underreactions, correcting within one month.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Psychology. $3 555998
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0621
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Chicago. $b Business. $3 1179073
773 0 $t Dissertation Abstracts International $g 78-12A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10276320 $z click for full text (PQDT)

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