How much is enough? An investigation of nonprofessional investors information search and stopping rule use

Pennington, Robin R.; Kelton, Andrea Seaton

doi:10.1016/j.accinf.2016.04.003

Cited by 24 publications

(16 citation statements)

References 52 publications

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“…Researchers have tried to interpret what is "enough" by users through understanding what stopping rules people use to terminate their search behaviors. Some studies have pointed out that "enough" means satisficing information needs (Prabha, Silipigni Connaway, Olszewski, & Jenkins, 2007) and user characteristics are related to the stopping rule one may use (Pennington & Kelton, 2016).…”

Section: Introductionmentioning

confidence: 99%

Examination of online information search stopping behaviors and stopping rules by task type

Dedema

Liu

2019

Proceedings of the Association for Information Science and Tech

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This poster aims to understand how task type could influence when people would stop searching and what stopping rules people would use in the following three stopping behaviors: query stopping, read stopping, and task stopping during online information search. We conducted a pilot user experiment with four participants; each performed two different types of search tasks. The results show two different patterns of stopping behavior on well‐structured and decomposable tasks and poorly structured and indecomposable tasks: sequential mode, and simultaneous mode; and people use different stopping rules in three stopping behaviors.

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Section: Introductionmentioning

confidence: 99%

Examination of online information search stopping behaviors and stopping rules by task type

Dedema

Liu

2019

Proceedings of the Association for Information Science and Tech

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“…Empirical evidence on which information sources non-professional investors use is scant (Pennington and Kelton 2016). Nevertheless, existing research suggests that although many non-professional investors use filtered information provided by professional intermediaries, some use unfiltered information disclosed by company management, such as 10-Ks (Hodge and Pronk 2006, Elliott et al 2008, Pennington and Kelton 2016. Importantly, financial regulators consider such investors in regulating financial disclosures (Elliott et al 2011, Financial Reporting Council 2017.…”

Section: Participantsmentioning

confidence: 99%

Financial estimates against investors’ preferences: anchoring, denial and spillover effects

Arikan

2017

Accounting and Business Research

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This experimental study investigates how the characteristics of an estimate in a sensitivity disclosure and the level of threat it presents to investors' preferences interact to influence investors' risk judgments. Firstly, I predict and find that variation in an estimate affects not only investors' judgment on a related issue but also their future judgments on an unrelated issue. Secondly, I predict and find that investors are more sensitive to variations in an estimate when information contained in the estimate presents less threat to their preferred conclusions than when it presents greater threat. Finally, I predict and find that investors perceive more uncertainty regarding the association between the disclosed risk factor and the estimated financial reporting item in the estimate when the information presents greater threat.

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“…is not always part of the mix" (p. 60). Nevertheless, Pennington and Kelton (2016) do not address the theoretical prediction from Attribution Theory (Kelley, 1967;Plous, 1993): individuals may use accounting information as a 'baseline' (dispositional attribute, as this type of information has a less 'timely' disclosure when compared to other information sources), and not retrieve it when they are asked directly to do so. Other situational attributes (such as news media or past market events), stimulates memory retrieval in detriment of accounting/financial information by being more salient and available to users in a day-today basis.…”

Section: Research Contributionmentioning

confidence: 98%

“…As Pennington and Kelton (2016) have indicated, we argue that following interviewees' stopping rules through their speech, by directly questioning how s/he acquires information, and how this search process happens may allow us to build a more robust understanding about the choice of informational sources (mainly accounting ones) and to investigate if accounting information overload can exert an influence over individuals when they choose information from accounting/non-accounting sources.…”

Section: Concourse Q-samples and The 'Condition Of Instruction': Conmentioning

confidence: 99%

“…In practice, the information set in these studies is usually restricted to the available financial information (i.e., Tuttle & Burton., 1999;Elliott et al, 2008;Kelton & Pennington, 2012). We observe that there is a lack of studies on what type of information investors actually incorporate in their decision making: Pennington and Kelton (2016) have directly asked nonprofessional investors which information cues they used, and they have indicated that financial information ". .…”

Section: Research Contributionmentioning

confidence: 99%

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Limited attention, the use of accounting information and its impacts on individual investment decision making

Checon¹

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Peço a 'licença poética' em me alongar nessa seção de agradecimentos. Mais do que o crescimento na pesquisa e na docência, o doutorado me proporcionou experiências indescritíveis de aprendizagem e amadurecimento, possíveis apenas a partir do convívio com pessoas tão maravilhosas quanto as citadas abaixo. O mínimo que eu poderia fazer é deixar esse reconhecimento listado nessa seção; sei que o risco de acabar esquecendo de alguém é alto (afinal, foram quatro anos), mas tal condição não pode ser impeditiva da tentativa. Primeiramente, quero agradecer à minha família: sem vocês, eu não teria chegado onde cheguei. Aos meus pais e irmã, 'Dona Lú', 'Seu Walter' e Dani, muito obrigada por todo o amor, bagagem, exemplo, apoio e, principalmente, acreditarem em mim e no meu potencial em todos os momentos (principalmente naqueles em que nem eu acreditava). Tia Cibeli, Gui e Nessa, e Gu, obrigada por compreenderem minhas ausências nesses 11 anos de USP, comemorarem as vitórias, me ouvirem nos momentos mais difíceis e, claro, pela zoeira. Aos meus orientadores, Lucas Barros e Altay de Souza: antes de tudo, o meu maior obrigada a vocês é pelo aceite em me orientar. Eu não poderia ter tido dois orientadores melhores para me acompanhar durante esse processo de doutoramento. Agradeço imensamente a vocês pelas conversas, ensinamentos, pingas, cocadinhas, cafés, almoços, contribuições, feedbacks, comemorações em conjunto e, ainda mais, por me aguentarem nos momentos de 'neurociência' e me estimularem a dar o melhor de mim. Ao '11A', por refutarem (com uma significância estatística a 1% e obedecendo ao sinal esperado) a hipótese do Criolo e provarem que, sim, existe amor em SP-e não é pouco. Elise Zaro e Verônica Santana: vocês são a personificação do termo 'sororidade'. Desde os abraços de 'vai dar tudo certo', as conversas políticas/científicas, até os momentos de zoeira louca/desvairada, foi (e é) um privilégio sem fim morar e dividir o viver com vocês! Cláudio Zaro: desde 2013, é muita parceria, conversas experimentais, bullying, amizade e sorvetes-e espero que seja assim sempre! Aproveito para agradecer também à família Soerger Zaro (Maria e Ane) pelo carinho. Simone Fiório e Marília Nascimento: as capixabas mais queridas dessa vida, muito obrigada pela amizade! Aos amigos da turma do PPGCC 2014: nas palavras do Coldplay, ninguém disse que seria fácil, mas também ninguém disse que seria tão difícil. Depois de quatro anos, 98 créditos e duas qualificações, conseguimos! Ludmila Melo, companheira de espumante e de sertanejo 'sofrência', obrigada por ser minha irmã mineiro-brasiliense nessa terra da garoa. As irmãs de séries temporais: Samantha Telles-muito obrigada pela parceria desde da graduação até doutorado: nas risadas, pesquisas, disciplinas e mexicanos, 'somo nozes'!-e Jeíce Catrinemuito obrigada pelo ombro, força, torcida e pelas melhores histórias. Daniel Mucci, pela amizade, zoeira e parceria de estudos. Franciele Beck, muito obrigada por ser essa amiga tão querida mesmo à distância.

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How much is enough? An investigation of nonprofessional investors information search and stopping rule use

Cited by 24 publications

References 52 publications

Examination of online information search stopping behaviors and stopping rules by task type

Examination of online information search stopping behaviors and stopping rules by task type

Financial estimates against investors’ preferences: anchoring, denial and spillover effects

Limited attention, the use of accounting information and its impacts on individual investment decision making

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