Old news, fresh eyes: market response to subsequent disclosure is driven by new attention

We investigate whether cross-channel repeated disclosures drive market reactions, focusing on 3140 matched events among CSI 800 and CSI 1000 firms in China from 2019 to 2024. Repeated disclosure occurs when the same corporate event first appears in a media outlet or on the company’s official website, then reappears in another channel. We test whether market reactions to subsequent disclosures are driven solely by newly activated investor attention or by combined attention from both initial and subsequent disclosures. We find that: (1) newly activated attention fully explains observed price adjustments to subsequent disclosures; (2) residual attention from the initial disclosure does not account for market reactions to subsequent disclosures; (3) market reactions are stronger when subsequent disclosures occur via company websites or involve state-owned enterprises. These results remain robust to alternative specifications, indicating that cross-channel repeated disclosures primarily capture fresh investor attention.