Attention centrality and information efficiency

Ruohan Yang and Kun Su

Economics Letters, 2025, vol. 254, issue C

Abstract: This study introduces attention centrality, a measure based on corporate site visits, to capture a firm’s central role in its industry’s information network. We find that attention centrality is persistent, and influenced by fundamental characteristics and information uncertainty. High-attention firms predict stock and industry returns, attract more analyst forecasts, and exhibit higher idiosyncratic volatility, emphasizing their role in market efficiency.

Keywords: Attention centrality; Information efficiency; Corporate site visits (search for similar items in EconPapers)
JEL-codes: D02 G10 G23 G24 M41 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:254:y:2025:i:c:s0165176525002885

DOI: 10.1016/j.econlet.2025.112451

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