Purpose
The purpose of this paper is to examine whether financial consumers are sensitive to presentational format of financial disclosure documents and whether this influences the financial attractiveness of products.
Design/methodology/approach
In order to observe and measure consumers’ attention, the authors exploit the unobtrusive methodology of eye tracking on a sample of nonprofessional investors, applying an ecological protocol, through a cross-sectional design.
Findings
The analysis reveals that financial information processing and attention distribution are influenced by the way the information is conveyed. Moreover, some layouts induce individuals to rate the products as less financially attractive, independent of the information content. This suggests the importance of studying the neural mechanisms of investors’ behaviour in the scrutiny of financial product documents.
Practical implications
The results lead to recommend regulators and managers to study how investors respond to financial disclosure documents by exploiting neuroscientific techniques. Moreover, there is a role for the search of any benefit coming from emphasising specific sources of information inside documents.
Originality/value
This research investigates the influence of presentational format on consumers’ information processing measuring the underlying neurophysiological processes; the consequent perception of financial attractiveness is also explored.
Financial Disclosure and Market Transparency with Costly Information Processing