publication . Article . Conference object . Other literature type . 2019

Advertising, Attention, and Financial Markets

Focke, Florens; Ruenzi, Stefan; Ungeheuer, Michael;
Open Access
  • Published: 05 Dec 2019 Journal: The Review of Financial Studies (issn: 0893-9454, eissn: 1465-7368, Copyright policy)
  • Publisher: Oxford University Press (OUP)
We investigate the impact of product market advertising on investor attention and financial market outcomes. Using daily advertising data allows us to identify short-term effects of advertising. We measure daily investor attention based the company's number of Wikipedia page views. We show that TV and newspaper advertising positively impacts short-term investor attention. It also positively impacts turnover and liquidity, but the effects are not economically significant. Most importantly, asset prices are not influenced by advertising in the short run. These findings are different from studies using yearly advertising expenditures and suggest that attempts to te...
free text keywords: G10, G14, M37, Economics and Econometrics, Accounting, Finance, Financial economics, Financial market, Monetary economics, Economics, Newspaper, Advertising, Business, Page view, Product market, Short run, Advertising account executive, Market liquidity, ddc:330
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