Editor's Choice Financial Attention

Nachum Sicherman, George Loewenstein, Duane J. Seppi and Stephen P. Utkus

The Review of Financial Studies, 2016, vol. 29, issue 4, 863-897

Abstract: This paper investigates financial attention using novel panel data on daily investor online account logins. We find support for selective attention to portfolio information. Account logins fall by 9.5% after market declines. Investors also pay less attention when the VIX volatility index is high. The level of attention and the attention/return correlation are strongly related to investor demographics (gender, age) and financial position (wealth, holdings). Using a new statistical decomposition, we show how aggregate and individual household trading are related to investor attention. Received October 31, 2014; accepted July 29, 2015 by Editor David Hirshleifer.

Date: 2016
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The Review of Financial Studies is currently edited by Itay Goldstein

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