摘要：AbstractHuman decision is not only affected by information content but also information order. This study provides additional evidence about order effect in the context of corporate disclosure. The same bundle of information should be reacted by the same way because those have same information. Information order affects investor decision. Using an experimental study, we provide that sequential information stimulates recency bias. Participants in a group who receives bad (good) news in their sequential information produces lower (higher) valuation. The order effect forms fish-tail pattern. This article contributes to recent studies and corporate disclosure practices.
