The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Advertising, Breadth of Ownership, and Liquidity
Open accessAbstract
We present evidence that product market advertising has a direct effect on a firm's breadth of ownership and on the liquidity of its common stock. We find that firms that spend more on advertising, ceteris paribus, attract a significantly larger number of both individual and institutional investors. We also find that advertising reduces trading costs without adversely affecting trading activity, consistent with the idea that advertising mitigates adverse selection. These results suggest that a firm's advertising not only serves to inform potential consumers of the firm's products but also serves to increase the visibility of the firm among capital market investors.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Status quo bias in decision making
Samuelson, W., & Zeckhauser, R. (1988) · Journal of Risk and Uncertainty · doi:10.1007/bf00055564 · Cited by 5,897
Patterns of behavior of professionally managed and independent investors
Shapira, Z., & Venezia, I. (2001) · Journal of Banking & Finance · doi:10.1016/s0378-4266(00)00139-4 · Cited by 699
Cited by
Barber, B. M., & Odean, T. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhm079 · Cited by 4,556
Market Frictions, Price Delay, and the Cross-Section of Expected Returns
Hou, K., & Moskowitz, T. J. (2005) · Review of Financial Studies · doi:10.1093/rfs/hhi023 · Cited by 1,083
The economics of BitCoin price formation
Ciaian, P., Rajcaniova, M., & Kancs, D. (2016) · Applied Economics · doi:10.1080/00036846.2015.1109038 · Cited by 1,004
Luo, X., & Bhattacharya, C. B. (2009) · Journal of Marketing · doi:10.1509/jmkg.73.6.198 · Cited by 962
Small Trades and the Cross-Section of Stock Returns
Hvidkjaer, S. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhn049 · Cited by 391
Metadata
- Authors
- Grullon, G., Kanatas, G., & Weston, J. P.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-08-11
- Volume
- 17
- Issue
- 2
- Pages
- 439-461
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3125853770
- Cited by
- 839
- References
- 3
- FWCI
- 19.87
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
