ABSTRACT I investigate whether algorithmic trading (AT) affects the provision of management guidance. Existing research finds that AT decreases fundamental information acquisition before earnings announcements and consequently reduces the informativeness of prices. To compensate for reduced information acquisition, I predict and find that managers at firms with more AT activity increase the quantity and quality of guidance issued at earnings announcements. Evidence is consistent with managers responding to reduced information acquisition, as opposed to changes in liquidity, and results suggest guidance in response to AT is effective at reducing information asymmetry. These findings identify a new channel through which AT affects stock price informativeness by documenting a link to managers’ disclosure decisions. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G14; G19; G10.

中文翻译：

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算法交易对管理指导的影响


摘要我调查了算法交易（AT）是否影响管理指导的提供。现有研究发现，AT 减少了财报公布前基本面信息的获取，从而降低了价格的信息量。为了弥补信息获取的减少，我预测并发现，AT 活动较多的公司的经理会增加收益公告中发布的指导的数量和质量。证据与管理者对信息获取减少的反应一致，而不是流动性的变化，结果表明，对 AT 的反应指导可以有效减少信息不对称。这些发现确定了 AT 通过记录与经理披露决策的链接来影响股价信息性的新渠道。数据可用性：数据可从文中引用的公共来源获得。 JEL 分类：G14； G19； G10。