系统管理学报2026，Vol.35Issue(1)：205-217,13.DOI:10.3969/j.issn2097-4558.2026.01.015
数据驱动的投资者信息行为:基于公告时间可预期与不可预期的视角
Data-Driven Investor Information Behavior:Perspective from Predictable and Unpredictable Announcement Timing
摘要
Abstract
This paper,from the unique perspective of predictable versus unpredictable announcement timing,examines investor information behaviors in a data-driven context.Using online search indices of listed companies and user behavior data from securities service apps,it empirically constructs and analyzes a novel measure of investor attention.The results show that for financial statement-related announcements,unpredictable announcement timing generates greater investor attention compared to predictable timing.Moreover,when announcement timing is unpredictable,financial statement-related announcements attract more investor attention than non-financial statement announcements.Furthermore,under unpredictable timing,different types of announcements exhibit a complementary effect,jointly influencing investor attention behavior.关键词
数据驱动/投资者关注/信息行为/互补效应Key words
data-driven/investor attention/information behavior/complementary effect分类
管理科学引用本文复制引用
张溢洲,林艳艳,吴冲锋..数据驱动的投资者信息行为:基于公告时间可预期与不可预期的视角[J].系统管理学报,2026,35(1):205-217,13.基金项目
国家自然科学基金资助项目(72371158,72342023) （72371158,72342023）
