The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
It Depends on Where You Search: Institutional Investor Attention and Underreaction to News
Open accessAbstract
We propose a direct measure of abnormal institutional investor attention (AIA) using news searching and news reading activity for specific stocks on Bloomberg terminals. AIA is highly correlated with institutional trading measures and related to, but different from, other investor attention proxies. Contrasting AIA with retail attention measured using Google search activity, we find that institutional attention responds more quickly to major news events, leads retail attention, and facilitates permanent price adjustment. The well documented price drifts following both earnings announcements and analyst recommendation changes are driven by announcements where institutional investors fail to pay sufficient attention.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Biases in dynamic models with fixed effects
Nickell, S. (1981) · Econometrica · doi:10.2307/1911408 · Cited by 8,735
Giving content to investor sentiment: The role of media in the stock market
TETLOCK, P. C. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01232.x · Cited by 4,827
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 by
COHEN, L., MALLOY, C., & NGUYEN, Q. (2020) · The Journal of Finance · doi:10.1111/jofi.12885 · Cited by 380
ESG Preference, Institutional Trading, and Stock Return Patterns
Cao, J., Titman, S., Zhan, X., & Zhang, W. (2023) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109022000916 · Cited by 178
ChatGPT and Deepseek: Can They Predict the Stock Market and Macroeconomy?
Chen, J., Tang, G., Zhou, G., & Zhu, W. (2025) · arXiv · doi:10.48550/arxiv.2502.10008 · Cited by 6
The ESG Flow-Return Paradox: Green sentiment boosts inflows but lags in returns
Gao, P., & Perdana, A. (2026) · Journal of Environmental Management · doi:10.1016/j.jenvman.2025.128385 · Cited by 5
Metadata
- Authors
- Ben-Rephael, A., Da, Z., & Israelsen, R. D.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2017-05-17
- Volume
- 30
- Issue
- 9
- Pages
- 3009-3047
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3124283099
- Cited by
- 712
- References
- 3
- FWCI
- 68.93
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: It Depends on Where You Search: Institutional Investor Attention and Underreaction to News. https://app.cochat.ai/papers/10.1093/rfs/hhx031
- The paper
- Ben-Rephael, A., Da, Z., & Israelsen, R. D. (2017). It Depends on Where You Search: Institutional Investor Attention and Underreaction to News. The Review of Financial Studies. https://doi.org/10.1093/rfs/hhx031
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.
