Is Investor Attention for Sale? The Role of Advertising in Financial Markets

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. Want a summary of academic papers with alpha? Check out our Academic Research Recap Category. 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…