Attention-grabbing stocks and the behavior of individual investors

Detalhes bibliográficos
Autor(a) principal: Silva, Anthony Pires da
Data de Publicação: 2019
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/27517
Resumo: Esse estudo complementa a literatura sobre atenção dos investidores individuais com três resultados empíricos. Primeiro, mostramos que indivíduos menos ativos no mercado de ações são compradores líquidos de ações que são mencionadas em notícias que não carregam qualquer informação relevante sobre retornos futuros. Segundo, documentamos que essa pressão compradora de alguns investidores após notícias irrelevantes leva a maiores retornos no curto prazo. Por último, mostramos que investidores que são mais propensos a comprarem ações após a publicação de notícias irrelevantes tem pior performance. Conjecturamos que os indivíduos tendem a restringir seus conjuntos de escolha a alternativas que atraem atenção. Juntos, nossos resultados sugerem que a mídia, apenas por fazer algumas empresas mais salientes, possui um papel importante na alocação de atenção dos investidores individuais.
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spelling Silva, Anthony Pires daEscolas::EESPBueno, Rodrigo de Losso da SilveiraChague, Fernando DanielGiovannetti, Bruno CaraGiovannetti, Bruno Cara2019-06-07T14:01:47Z2019-06-07T14:01:47Z2019-05-24http://hdl.handle.net/10438/27517Esse estudo complementa a literatura sobre atenção dos investidores individuais com três resultados empíricos. Primeiro, mostramos que indivíduos menos ativos no mercado de ações são compradores líquidos de ações que são mencionadas em notícias que não carregam qualquer informação relevante sobre retornos futuros. Segundo, documentamos que essa pressão compradora de alguns investidores após notícias irrelevantes leva a maiores retornos no curto prazo. Por último, mostramos que investidores que são mais propensos a comprarem ações após a publicação de notícias irrelevantes tem pior performance. Conjecturamos que os indivíduos tendem a restringir seus conjuntos de escolha a alternativas que atraem atenção. Juntos, nossos resultados sugerem que a mídia, apenas por fazer algumas empresas mais salientes, possui um papel importante na alocação de atenção dos investidores individuais.This study complements the existing literature on investor attention with three empirical findings. First, we show that low-activity individual investors are net buyers of stocks that are on the headlines of news stories that convey no meaningful information about future returns. Second, we document that this buying pressure of some individuals following purely attention-grabbing articles leads to higher short-term returns. Finally, we provide evidence that investors who are more prone to purchase stocks after irrelevant news have a poorer stock-picking performance. We hypothesize that individuals tend to narrow their choice set to the alternatives that attract attention. Taken together, our findings suggest that media, only by making some firms more salient, plays an important role in the allocation of individual investors' attention in investment activities.engAttention-grabbing eventsSalient stocksMedia coverageIndividual investorsStockpicking performanceSaliênciaMídiaInvestidores individuaisPerformance do investidorEconomiaInvestidores (Finanças) - CondutaMercado de capitaisAções (Finanças)Processo decisórioAttention-grabbing stocks and the behavior of individual investorsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/a6ced778-4802-4e3a-bf02-502802c39a5d/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTAttention_Grabbing.pdf.txtAttention_Grabbing.pdf.txtExtracted 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dc.title.eng.fl_str_mv Attention-grabbing stocks and the behavior of individual investors
title Attention-grabbing stocks and the behavior of individual investors
spellingShingle Attention-grabbing stocks and the behavior of individual investors
Silva, Anthony Pires da
Attention-grabbing events
Salient stocks
Media coverage
Individual investors
Stockpicking performance
Saliência
Mídia
Investidores individuais
Performance do investidor
Economia
Investidores (Finanças) - Conduta
Mercado de capitais
Ações (Finanças)
Processo decisório
title_short Attention-grabbing stocks and the behavior of individual investors
title_full Attention-grabbing stocks and the behavior of individual investors
title_fullStr Attention-grabbing stocks and the behavior of individual investors
title_full_unstemmed Attention-grabbing stocks and the behavior of individual investors
title_sort Attention-grabbing stocks and the behavior of individual investors
author Silva, Anthony Pires da
author_facet Silva, Anthony Pires da
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Bueno, Rodrigo de Losso da Silveira
Chague, Fernando Daniel
Giovannetti, Bruno Cara
dc.contributor.author.fl_str_mv Silva, Anthony Pires da
dc.contributor.advisor1.fl_str_mv Giovannetti, Bruno Cara
contributor_str_mv Giovannetti, Bruno Cara
dc.subject.eng.fl_str_mv Attention-grabbing events
Salient stocks
Media coverage
Individual investors
Stockpicking performance
topic Attention-grabbing events
Salient stocks
Media coverage
Individual investors
Stockpicking performance
Saliência
Mídia
Investidores individuais
Performance do investidor
Economia
Investidores (Finanças) - Conduta
Mercado de capitais
Ações (Finanças)
Processo decisório
dc.subject.por.fl_str_mv Saliência
Mídia
Investidores individuais
Performance do investidor
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Investidores (Finanças) - Conduta
Mercado de capitais
Ações (Finanças)
Processo decisório
description Esse estudo complementa a literatura sobre atenção dos investidores individuais com três resultados empíricos. Primeiro, mostramos que indivíduos menos ativos no mercado de ações são compradores líquidos de ações que são mencionadas em notícias que não carregam qualquer informação relevante sobre retornos futuros. Segundo, documentamos que essa pressão compradora de alguns investidores após notícias irrelevantes leva a maiores retornos no curto prazo. Por último, mostramos que investidores que são mais propensos a comprarem ações após a publicação de notícias irrelevantes tem pior performance. Conjecturamos que os indivíduos tendem a restringir seus conjuntos de escolha a alternativas que atraem atenção. Juntos, nossos resultados sugerem que a mídia, apenas por fazer algumas empresas mais salientes, possui um papel importante na alocação de atenção dos investidores individuais.
publishDate 2019
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dc.date.available.fl_str_mv 2019-06-07T14:01:47Z
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