Mobile Devices and Investment News Apps: The Effects of Information Release, Push Notification, and the Fear of Missing Out

• 成果类型: Article
• 署名作者: Clor-Proell, Shana M.; Guggenmos, Ryan D.; Rennekamp, Kristina
• 署名单位: Texas Christian University; Cornell University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-52625
• 发表日期: 2020
• 页码: 95-115
• 关键词: dissemination; TUTORIAL; number; media; LIFE

摘要

We examine how information dissemination via mobile device applications (apps) affects nonprofessional investors' judgments. In response to the prevalence of mobile device use, the media ungroups content into smaller pieces to accommodate users, and apps use push notifications to highlight this content. These changes increase users' ability to access investment information in real time, leaving some investors feeling as if they are missing out if they are not continuously connected. We validate a scale to capture investors' fear of missing out on investment information (I-FoMO) and document that I-FoMO is distinct from traditional FoMO that occurs in social settings. Then, using an experiment, we find that receiving ungrouped content via a mobile device has a greater effect on investment allocations in the presence, rather than absence, of push notifications. Further, we find that these results hold for higher, but not for lower, I-FoMO investors.