Mental health disparities in transgender and gender diverse (TGD) populations call for more research examining gender minority stressors (GMS) as antecedents to their psychological distress, especially for the long-underrepresented groups living in conservative societies towards gender minorities. Furthermore, some questions remain underexamined, including the relative, independent influences of various GMS on TGD people’s mental well-being (i.e., uniqueness of each stressor); how these stressors would configurate with each other in distinctive patterns to characterize subgroups of TGD people (i.e., beyond-average heterogeneity); and how these stressors would constitute a psychological network and vary in their centrality in that network (i.e., holistic complexity). To narrow such gaps, we examined the links between GMS and TGD people’s psychological distress, using survey data collected in 2023 from 410 Chinese TGD people (Meanage = 22.33 years, SD = 4.27; 306 transgender, 70 non-binary/gender-queer/gender-fluid, 26 agender/gender-neutral, 3 intersex, and 5 others). We approached such links from three perspectives. First, variable-centered analyses indicated that while different GMS were considered simultaneously, internalized transphobia, preoccupation with gender dysphoria, and gender-related victimization were uniquely associated with psychological distress. Second, person-centered analyses yielded a 3-profile solution. Psychological distress varied systematically across profiles. Last, network analyses revealed a 3-cluster structure: Distal, Proximal Internal, and TGD-Specific Stressors. Preoccupation with gender dysphoria was the most central node. These findings contribute to a more nuanced understanding of the implications of GMS for TGD people’s mental well-being. GMS related to internal struggles with gender identity might be among the central intervention targets to prevent/reduce TGD people’s psychological distress.

ABSTRACT Objective Weight bias internalization (WBI) is a robust, positive correlate of negative health outcomes; however, this evidence base primarily reflects cisgender individuals from Western cultural contexts. Gender‐diverse individuals from non‐Western cultural contexts (e.g., China) are at potentially high risk for WBI. Yet, no research has examined WBI and associated negative health consequences in this historically underrepresented population. Method A cross‐sectional, online survey sampled Chinese gender‐diverse individuals ( N = 410, M age = 22.33 years). Variables were self‐reported, including demographics, WBI, body shame, body dissatisfaction, disordered eating, physical and mental health status, and gender minority stress (e.g., internalized cisgenderism). Analyses included correlations and multiple hierarchical regressions. Results Pearson bivariate correlations demonstrated associations between higher WBI and more eating and body image disturbances and poor physical and mental health. After adjusting for age, BMI, gender identity, and gender minority stress, higher WBI was uniquely and positively associated with higher body shame, higher body dissatisfaction, higher disordered eating, and poor physical and mental health. Notably, WBI accounted for more unique variance in eating and body image disturbances (13%–25% explained by WBI) than physical and mental health (1%–4% explained by WBI). Discussion While replication with longitudinal and experimental designs is needed to speak to the temporal dynamics and causality, our findings identify WBI as a unique, meaningful correlate of eating and body image disturbances in Chinese gender‐diverse adults.

The past decade has witnessed a gradual improvement of sociocultural climate toward gender minorities, but gender minority stressors (GMS) still remain pervasive and considerable. Nevertheless, many transgender and gender-diverse (TGD) people are still able to survive and thrive in psychological well-being. Therefore, it is important to identify resources at different ecological levels that protect TGD people against the negative mental health consequences of GMS and promote their resilience, especially in cultural contexts that have been historically dominated by conservative traditions toward gender minorities. Echoing this claim, we examined the associations of GMS in three major forms (i.e., internalized transphobia, transphobic prejudice events, and nonaffirmation of gender identity) with Chinese TGD people's psychological distress (PD). In particular, two theoretically potential resilience factors were tested as moderators: pride and community connectedness. Survey data from Chinese TGD people (N = 410, Mage = 22.33, SD = 4.27) were used. Results of path analyses demonstrated that three forms of GMS were positively associated with PD above and beyond each other. Further, pride moderated the positive link between transphobic prejudice events and PD, such that when pride was high, this association became nonsignificant (i.e., a protective effect). In contrast, although no moderating role of community connectedness emerged, it was negatively associated with PD above and beyond the effects of GMS (i.e., a compensatory effect). Our findings provide evidence supporting the distinctiveness of three GMS and highlight pride and community connectedness as promising intervention targets to facilitate TGD people's resilience in the face of GMS.

Investor attention is a limited resource. This chapter discusses the literature on investor limited attention and its effects on capital markets. Theoretical and empirical studies find that, when some investors are inattentive, the immediate market reaction to news is incomplete, and stock prices exhibit post-announcement drift. Underreaction is stronger when investor attention is distracted by competing stimuli, when the information is less salient or harder to process, and when investors are less sophisticated. While retail investors suffer more, the effects of limited attention are also significant for sophisticated market participants, such as financial analysts, institutional investors, market makers, and financial data providers. Firms exploit investor limited attention by choosing disclosure timing and format to highlight good news and obscure bad news. Collectively, the studies reviewed here indicate that investor limited attention has important and far-reaching effects on capital markets.

ABSTRACT We respond to and rebut a number of comments in Daniel Cohen and Thomas Lys’s commentary (Cohen and Lys 2022) on our paper (Pincus et al. 2022), which re-examines and extends the research in Cohen, Dey, and Lys (2008), “(hereinafter CDL)”. Specifically, we rebut most of the claims Cohen and Lys (2022) make regarding the lack of a conceptual framework and research design limitations and clarify Cohen and Lys's (2022) misinterpretation on the inconsistency between our findings and prior published work. Cohen and Lys (2022) argue for the need to adjust the methodology that Cohen et al. (2008) employed but fail to acknowledge the enhancements we made to Cohen et al. (2008) methodological framework, which enabled us to separate the substitution effects associated with the pre-SOX and post-SOX periods.

ABSTRACT A widely cited paper, Cohen, Dey, and Lys (2008, hereinafter CDL), examines accrual (AEM) and real earnings management (REM) pre- and post-Sarbanes Oxley and provides evidence that, in the period immediately following SOX, accruals management declined and was substituted by REM. We re-visit CDL and ask whether CDL's main results extend to recent periods and hold using updated research design choices. We find AEM declines in the period immediately after SOX, but the results are sensitive to some design choices. We also find AEM generally declines over our entire extended post-SOX period, suggesting that the components of SOX were largely successful in constraining AEM. REM is higher post-SOX but with an insignificant trend over the entire extended post-SOX period. Additionally, the results indicate REM and AEM behave as substitutes in the period preceding SOX, but the substitution effect significantly weakens post-SOX.

Psychological research suggests that communication using dynamic visuals attract higher attention and induce higher activation response than text and static images. Stocktwits is a social media platform where postings about a stock can include GIF images (henceforth GIFs) and declare their sentiment (bullish or bearish). We study the associations of GIFs with user-declared stock sentiment, trading behavior, and future stock returns at the firm-day level. On firm-days with GIF postings, we find higher net bullish sentiment, higher retail order imbalance, and short sale volume; and initial positive abnormal returns followed by a longer-term reversal. The GIF associations with sentiment, return overreaction, and short sale volume are stronger on firm-days with popular GIFs, with GIFs with declared sentiment, with GIFs from influencers, and in firms with higher retail ownership. Retail buys and retail sells separately, and not order imbalance, are stronger in firms with higher retail ownership. These findings suggest that dynamic visuals in social media postings are associated with greater investor attention and higher bullish sentiment, resulting in net buying and overpricing of the stock, especially among retail investors.

We propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firms’ Twitter earnings announcements are associated with more retweets, consistent with greater user engagement with announcements that have visuals. This result holds for earnings tweets sent by the same firm and on the same day in firm-level and tweet-level analyses. Consistent with managerial opportunism, firms are more likely to use visuals in their earnings tweets when performance is good but less persistent. Consistent with visuals increasin g investor attention, the initial return response to earnings news is stronger and the post-announcement response is lower when visuals are used. Our evidence of a post-announcement return reversal indicates that visuals can be a double-edged sword. Furthermore, the higher earnings response coefficient from visuals is more pronounced on days with high investor distraction (when many other firms are also announcing earnings).

Using comment streams on Seeking Alpha articles, we examine whether interacting on social media increases or moderates the extremeness of investors’ opinions. Unlike some findings from political science that show social media increases extremeness of opinions, we find that interaction on Seeking Alpha moderates extremeness. Comments become less extreme over the sequence of comments for a given article, as well as within individual comment sub-threads, and over a single user’s comments for a given article. Extremeness reduction is stronger when the article itself is more moderate, and when more users are self-identified (i.e., not anonymous). Results also suggest that the extremeness reduction triggered by Seeking Alpha interaction has capital market implications. Differences of opinion captured by stock-based measures, abnormal volume and turnover, decrease significantly after the release of Seeking Alpha articles with comments. Our results provide the first evidence of the effect of social media interaction on the updating of individuals’ opinions.

A widely cited paper, Cohen, Dey, and Lys (2008, hereinafter CDL), examines accrual (AEM) and real earnings management (REM) pre- and post-Sarbanes Oxley and provides evidence that, in the period immediately following SOX, accruals management declined and was substituted by REM. We re-visit CDL and ask whether CDL’s main results extend to recent periods and hold using updated research design choices. We find AEM declines in the period immediately after SOX, but the results are sensitive to some design choices. We also find AEM generally declines over our entire extended post-SOX period, suggesting that the components of SOX were largely successful in constraining AEM. REM is higher post-SOX but with an insignificant trend over the entire extended post-SOX period. Additionally, the results indicate REM and AEM behave as substitutes in the period preceding SOX, but the substitution effect significantly weakens post-SOX.