The Usual Suspects: The Effects of Attention on Journalists' Stock Recommendations

Applied Financial Economics Letters (2008) Volume 4, Issue 1-3, pp. 97-101 .

11 Pages Posted: 11 Jan 2007 Last revised: 15 Nov 2012

See all articles by Alexander Gabriel Kerl

Alexander Gabriel Kerl

University of Giessen - Department of Financial Services

Andreas Walter

University of Giessen - Department of Financial Services

Date Written: December 20, 2006

Abstract

This study examines if journalists are affected by attention stimuli similar to that of individual investors. Applying logistic regression technique, we find that journalists focus on attention grabbing stocks when publishing their buy and sell recommendations. Thereby, journalists intensify the well-documented attention bias of individual investors.

Keywords: Stock recommendations, attention hypothesis, journalists, momentum investment,

JEL Classification: G11

Suggested Citation

Kerl, Alexander Gabriel and Walter, Andreas, The Usual Suspects: The Effects of Attention on Journalists' Stock Recommendations (December 20, 2006). Applied Financial Economics Letters (2008) Volume 4, Issue 1-3, pp. 97-101 ., Available at SSRN: https://ssrn.com/abstract=956079 or http://dx.doi.org/10.2139/ssrn.956079

Alexander Gabriel Kerl

University of Giessen - Department of Financial Services ( email )

Licher Str, 74
Giessen, 35394
Germany

Andreas Walter (Contact Author)

University of Giessen - Department of Financial Services ( email )

Betriebswirtschaftslehre V
Giessen, 35394
Germany

HOME PAGE: http://wiwi.uni-giessen.de/ma/dat/walter/Andreas_Walter/

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
233
Abstract Views
1,123
rank
156,178
PlumX Metrics