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What is Investor Distraction about?

This paper examines the impact of institutional investor distraction on the assimilation of narrative content in the MD&A section of 10-K filings, introducing the Aggregate Attribute Index (AAI) to measure narrative complexity. The study finds that while narrative complexity does not elicit immediate stock price reactions, it significantly influences prices over longer periods as distracted investors gradually re-engage with the information. The findings highlight the importance of multi-dimensional narrati

Author

scarunamar

Language

EN