Advertisement

Disclosure Behavior of Annual Reports of Listed Companies Under Digital Worship

  • Xiaojing XuEmail author
Conference paper
Part of the Lecture Notes on Multidisciplinary Industrial Engineering book series (LNMUINEN)

Abstract

Digital worship is widely used in China. Does this phenomenon also affects the China’s stock market? Does Digital Worship influence the choice of disclosure time of listed companies’ annual reports? Through the empirical analysis for stock market of China, it founds that the listed companies’ behavior of timing of annual reports released is affected by the short-term influence of digital worship, which is a new market phenomenon. The research of this paper has reference significance for investment decision-making, risk management and understanding the behavior of listed companies and investors.

Keywords

Digital worship Annual report disclosure Auspicious day 

Notes

Acknowledgements

This paper is supported by The Ministry of Education of China and Doctoral Program of Specialized Research Project Fund Project (No. 20120184110021).

References

  1. 1.
    Brown P, Mitchell J (2004) Culture and stock price clustering: evidence from the peoples’ republic of China. Soc Sci Electron Publ 16(1C2):95–120Google Scholar
  2. 2.
    Cao B (2015) Developmental characters and reason analysis of number preference. Adv Psychol 05(11):640–647CrossRefGoogle Scholar
  3. 3.
    Han G, Xu H (2016) Operating performance of listed companies, disclosure of annual report and investors’ concerns. China’s Econ Probl 4:17–34Google Scholar
  4. 4.
    Li L (2015) Cognitive bias of compound proportion relation and its interpretation verification. PhD thesis, East China Normal University, ShanghaiGoogle Scholar
  5. 5.
    Shen G (2016) Financialization, symbolism and illusion of money. J Wuhan Univ Sci Technol (Soc Sci Ed) 18:478–482Google Scholar
  6. 6.
    Shengyao Liu LY, Yunhong Y (2016) Collapse of Chinese stock market systematic risk and investor behavior preference. Finan Res 2:55–70Google Scholar
  7. 7.
    Wang X, Wang Y (2006) Theoretical basis of information disclosure strategy of listed companies. Auditing Econ Res 2:84–87Google Scholar
  8. 8.
    Xu L (2012) A comparison of connotations of Chinese and western digital cultures. J Zhejiang Univ Sci Technol 24:115–127Google Scholar
  9. 9.
    Zhao WF (2009) Asset price vision under digital worship. Econ Res 6:129–141Google Scholar
  10. 10.
    Zhou J, Huang D (2011) Investors’ limited attention and time choice of listed companies’ announcements. Secur Mark Guide 5:53–60Google Scholar

Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  1. 1.Chongqing Technology and Business UniversityChongqingThe People’s Republic of China

Personalised recommendations