The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Attracting Investor Attention through Advertising
Abstract
This paper provides evidence that managers adjust firm advertising, in part, to attract investor attention and influence short-term stock returns. First, I show that increased advertising spending is associated with a contemporaneous rise in retail buying and abnormal stock returns, and is followed by lower future returns. Second, I document a significant increase in advertising spending prior to insider sales and a significant decrease in the subsequent year. Additional analyses suggest that the inverted V-shaped pattern in advertising spending around insider sales is most consistent with managers' opportunistically adjusting firm advertising to exploit the temporary return effect to their own benefit. © The Author 2014.
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Citations
Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Odean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247
All the News That's Fit to Reprint: Do Investors React to Stale Information?
Tetlock, P. C. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhq141 · Cited by 677
Predictable behavior, profits, and attention
Seasholes, M. S., & Wu, G. (2007) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2007.03.002 · Cited by 384 · cited 1×
“9See, for example, Gervais, Kaniel, and Mingelgrin (2001); Chen, Noronha, and Singal (2004); Seasholes and Wu (2007); Barber and Odean (2008); Lehavy and Sloan (2008); Fang and Peress (2009); Kaniel, Li, and Starks (2010).”
Background
Cited by
An inconvenient cost: The effects of climate change on municipal bonds
Painter, M. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.06.006 · Cited by 776
Metadata
- Authors
- Lou, D.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2014-03-25
- Volume
- 27
- Issue
- 6
- Pages
- 1797-1829
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W1830887833
- Cited by
- 490
- References
- 6
- FWCI
- 43.55
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lou, D. (2014). Attracting Investor Attention through Advertising. Review of Financial Studies. https://doi.org/10.1093/rfs/hhu019
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
