Advertising Targets Customers and Investors? by Wesley R. Gray, Ph.D., Alpha Architect, Author, Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
Is Investor Attention for Sale? The Role of Advertising in Financial Markets
- Madsen and Niessner
- A version of the paper can be found here.
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Abstract (from SSRN):
Using detailed data on daily firm advertising activity, we find that print advertisements increase attention to firm’s financial information. Advertisements for products and services are unlikely to target investors, yet are associated with a 3% increase in Google searches for the firm’s ticker. This increase is concentrated on weekends and...
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