Advertising, attention, and financial markets

Focke, Florens ; Ruenzi, Stefan ; Ungeheuer, Michael

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)
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.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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