关键词: 数据驱动, 投资者关注, 信息行为, 互补效应

Abstract: This paper, from the unique perspective of predictable versus unpredictable announcement timing, examines investor information behaviors in a data-driven context. Using online search indices of listed companies and user behavior data from securities service apps, it empirically constructs and analyzes a novel measure of investor attention. The results show that for financial statement-related announcements, unpredictable announcement timing generates greater investor attention compared to predictable timing. Moreover, when announcement timing is unpredictable, financial statement-related announcements attract more investor attention than non-financial statement announcements. Furthermore, under unpredictable timing, different types of announcements exhibit a complementary effect, jointly influencing investor attention behavior.

Key words: data-driven, investor attention, information behavior, complementary effect