Foreign Eyes on Wall Street: Investor Attention and U.S. Stock Reactions

Rui Fan, Alex Nikolsko-Rzhevskyy and Oleksandr Talavera ()
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Rui Fan: Xian Jiaotong University
Alex Nikolsko-Rzhevskyy: Lehigh University

Discussion Papers from Department of Economics, University of Birmingham

Abstract: We examine the link between the U.S. stock market and foreign investor attention using SEC EDGAR log files and the MaxMind database to connect non-U.S. IP addresses with characteristics of S&P 500 stocks. A 10% increase in foreign EDGAR searches is associated with a 0.6% rise in abnormal daily returns. The effect is stronger for firms with lower sales, limited analyst coverage, lower institutional ownership, or high exposure to China. Our findings suggest that foreign attention, as reflected in EDGAR activity, shapes stock outcomes and that non-U.S. government policies may also influence U.S. market performance.

Keywords: EDGAR system; MaxMind; stock market; investor attention; information acquisition (search for similar items in EconPapers)
JEL-codes: G12 G14 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2025-03
New Economics Papers: this item is included in nep-cna, nep-fdg and nep-fmk
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Persistent link: https://EconPapers.repec.org/RePEc:bir:birmec:25-02

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