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 …

One of the most salient events for a stock is being a daily winner or loser: these stocks are
highlighted prominently in the media, leading to investor attention spikes. We demonstrate …

Introduction The COVID-19 pandemic caused a widespread public health and financial
crisis. The rapid vaccine development generated extensive discussions in both mainstream …

Stocks with low return volatility have high risk-adjusted returns, which might be driven by low
media attention for such stocks. Using news coverage data we formally test whether the …

We find that media tone reflects firm-level expected returns—firms with low-negative tone
stories over a few months earn higher returns in the medium to long term than do firms with …

We first provide evidence of investor inattention to a very simple and well-known capital
gains tax exemption in the Brazilian stock market. We then show that inattentive investors …

World Heritage sites can positively impact local manufacturing industries. Using two‐way
fixed effects estimation, we find that manufacturing firms in cities with World Heritage sites …

I dissect stock returns after earnings announcements into their overnight and intraday
components and document strong positive abnormal overnight returns for several weeks …

We introduce a novel measure of executive visibility and demonstrate its influence in
attracting retail investors to Special Purpose Acquisition Companies (SPACs). Visible …

We give the highest-priced stock an eye-catching heading,“Stock King,” and refer to the
event that a new stock becomes the stock with the highest share price as the Stock King …