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Does investor attention affect trading volume in the Brazilian stock market?

Heloisa Elias De Souza, Claudio Henrique Da Silveira Barbedo and Gustavo Araujo ()

Research in International Business and Finance, 2018, vol. 44, issue C, 480-487

Abstract: Given the large amount of information available about companies and stocks, investors have to be selective about the information they process. This behavior is related to the attention effect. The aim of this paper is to investigate the relationship between a proxy of attention effect, media coverage, and the trading volume of the Brazilian stock market. The results show the trading volume is negatively influenced by news on previous “good days” and not influenced by news on previous “no good days”. In addition, less visible companies in the media are more susceptible to the attention effect when news is relevant.

Keywords: Attention effect; Behavioral finance; Investor behavior; Media coverage; Trading volume; News (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:44:y:2018:i:c:p:480-487

DOI: 10.1016/j.ribaf.2017.07.118

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