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The Impact of Investors' Status on Their Evaluation of Positive and Negative, Past and Future Information
Anna M. Cianci, Drexel University
Stephen K. Asare, University of Florida
Diana Falsetta, University of Miami
ABSTRACT. This paper examines the effect of investors’ status (current/prospective) on their evaluation of information varying in valence (negative/positive) and temporality (past/future). MBA graduates, proxying for investors, rated the relevance of company information for an investment decision. The information included negative, positive, past, and future information. Results indicate that investor status impacts their evaluation of the company information. Specifically,investors’ relevance ratings of information resulted in the following ranking (from highest to lowest): negative future information; negative past information; positive future information; and positive past information. In addition, current investors (relative to prospective) rated negative information as more relevant; while prospective investors (relative to current) rated positive information as more relevant. With respect to temporality, prospective investors (relative to current) rated future information as more relevant.
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