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| Is Investor Attention as a Whole Scarce Resource? |
| JIN Yuchao, JIN Qinglu, LI Xiaoxue
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| School of Accountancy/Institute of Accounting and Finance, Shanghai University of Finance and Economics |
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Abstract This paper investigates into whether capital market investor attention as a whole is a scarce resource and how it allocates. Using the daily attention index from Hexun.com as a proxy for a firm’s investor attention, we find the magnitude of investor attention cause by a firm’s financial report is negatively related to the number of same-day financial reports. Further, firms with high market visibility are more likely to retain market attention, and firms have incentive to enhance distraction effect to avoid market attention when they have bad performance. The study provides direct evidence for the scarcity of capital market attention as a whole.
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Received: 25 May 2017
Published: 18 January 2018
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