NDLI: Are Investors Warned by Disclosure of Conflicts of Interest? The Moderating Effect of Investment Horizon

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Are Investors Warned by Disclosure of Conflicts of Interest? The Moderating Effect of Investment Horizon

Content Provider	Scilit
Author	Liu, Yuanyuan Huang, Zhongwei Jiang, Like Messier Jr, William F.
Copyright Year	2019
Description	Journal: SSRN Electronic Journal Financial analysts are required to disclose conflicts of interest (COI) in their research reports, but there is limited evidence on the effectiveness of COI disclosures. We investigate whether the influence of disclosing COI in analyst reports on investors' decision-making depends on investment horizon. Experimental results show that short-term investors who view a COI disclosure are significantly less willing to invest in the recommended stock compared to shortterm investors who do not view such a disclosure, while the presence of a COI disclosure does not significantly affect long-term investors’ willingness to invest. Results further demonstrate that the COI disclosure decreases short-term investors’ willingness to invest by reducing their perception of analysts’ trustworthiness and expertness. This study provides evidence on when and how the COI disclosure can influence investors’ behavior and enhances our understanding of investors’ reactions to cautionary disclaimers.
Related Links	http://openaccess.city.ac.uk/id/eprint/23262/1/Are%20Investors%20Warned%20by%20Disclosure%20of%20Conflicts%20of%20Interest.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3432838
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3432838
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2019-07-18
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Applied Ethics Conflicts of Interest Construal Level Theory Analyst Reports Investment Horizon
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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