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Bamber (1997)
575Accounting Review, 72
Bamber (1997)
Trading volume and different aspects of disagreement coincident with earnings announcementsAccounting Review, 72
We test and confirm the hypothesis that individual investors are net buyers of attention-grabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one-day returns. Attention-driven buying results from the difficulty that investors have searching the thousands of stocks they can potentially buy. Individual investors do not face the same search problem when selling because they tend to sell only stocks they already own. We hypothesize that many investors consider purchasing only stocks that have first caught their attention. Thus, preferences determine choices after attention has determined the choice set.
The Review of Financial Studies – Oxford University Press
Published: Apr 24, 2008
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