Prior literature suggests that investors react less strongly to information in less readable disclosures. We extend this literature by considering how disclosure readability affects the sensitivity of investors' valuation judgments to the information contained in outside (i.e., non-firm) sources...

We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors' value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere....