Advertising, attention, and financial markets


Focke, Florens ; Ruenzi, Stefan ; Ungeheuer, Michael



DOI: https://doi.org/10.2139/ssrn.2544294
URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_i...
Document Type: Working paper
Year of publication: 2019
The title of a journal, publication series: SSRN Working Paper Series
Place of publication: Rochester, NY
Publishing house: SSRN
Edition: Rev.
Publication language: English
Institution: Außerfakultäre Einrichtungen > Graduate School of Economic and Social Sciences - CDSB (Business Studies)
Business School > Internat. Finanzierung (Ruenzi 2009-)
Subject: 330 Economics
Abstract: Using daily advertising data, we analyze short-term effects of advertising on investor attention and on financial market outcomes. We develop a new proxy for investor attention based on companies' Wikipedia page views and show that advertising has a positive impact on investor attention, but only little impact on turnover and liquidity. Most importantly, short-term stock returns are not influenced by advertising. Further results suggest that previous findings of a positive relation between advertising and returns are due to reverse causality. Thus, the belief that stock prices can be temporarily inflated via advertising is misguided.


Economic SustainabilitySocial SustainabilitySDG 8: Decent Work and Economic GrowthSDG 9: Industry, Innovation and InfrastructureSDG 10: Reduced Inequalities


Dieser Eintrag ist Teil der Universitätsbibliographie.




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