當最新的公司年度盈餘資訊進入市場時，掌握資訊之投資人會積極交易以獲取資訊的利益，此時不積極投資人保留在委託簿中等待執行的限價單將成為資訊交易者流動性的來源。本研究發現不積極投資人在公司盈餘宣告日交易的淨部位未來平均有顯著的虧損，且此現象在資訊弱勢之散戶投資人中最為明顯。

nformed traders trade aggressively when the latest annual earning information released to the markets, and passive investors whose limit orders waiting for execution in the order-book will be the liquidity suppliers of informed trader. This study finds that passive trader’s net trading position around earnings announcements has poor holding return, and less informed passive individual investors suffer biggest losses.

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