Advertising, attention, and financial markets


Focke, Florens ; Ruenzi, Stefan ; Ungeheuer, Michael



DOI: https://doi.org/10.1093/rfs/hhz142
URL: https://academic.oup.com/rfs/advance-article/doi/1...
Additional URL: https://ssrn.com/abstract=2544294
Document Type: Article
Year of publication: 2020
Book title: Advertising, Attention and Financial Markets
The title of a journal, publication series: The Review of Financial Studies
Volume: 33
Issue number: 10
Page range: 4676-4720
Place of publication: New York, NY [u.a.]
Publishing house: Oxford Univ. Press
ISSN: 0893-9454 , 1465-7368
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi)
Subject: 330 Economics
Abstract: Using daily advertising data, we analyze the short-term effects of advertising on investor attention and on financial market outcomes. Based on various investor attention proxies, we show that advertising positively affects attention. However, it has only little impact on turnover and liquidity. Most importantly, short-term stock returns are not significantly influenced by advertising. Further results suggest that previous findings of an economically significant 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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