| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16747 |
| DP16747 The Geography of Investor Attention | |
| Marco Pagano; stefano mengoli; Pierpaolo Pattitoni | |
| 发表日期 | 2021-11-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Retail investors pay over twice as much attention to local companies than non-local ones, based on Google searches. News volume and volatility amplify this attention gap. Attention appears causally related to perceived proximity: first, acquisition by a nonlocal company is associated with less attention by locals, and more by nonlocals close to the acquirer; second, COVID-19 travel restrictions correlate with a drop in relative attention to nonlocal companies, especially in locations with fewer flights after the outbreak. Finally, local attention predicts volatility, bid-ask spreads and nonlocal attention, not viceversa. These findings are consistent with local investors having an information-processing advantage. |
| 主题 | Financial Economics |
| 关键词 | Attention Retail investors Local investors Distance News Liquidity Volatility |
| URL | https://cepr.org/publications/dp16747 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545681 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,stefano mengoli,Pierpaolo Pattitoni. DP16747 The Geography of Investor Attention. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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