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Home | Events Archive | Attention Triggers and Trading Behavior
Seminar

Attention Triggers and Trading Behavior


  • Series
    Array
  • Speaker(s)
    Marc Arnold (University of St. Gallen, Switzerland)
  • Field
    Finance
  • Location
    Tinbergen Institute, room 1.60
    Amsterdam
  • Date and time

    May 29, 2019
    12:45 - 14:00

This paper investigates the impact of attention triggers on individual investors' trading behavior. We analyze a large sample of trading records from a brokerage service that sends push messages on stocks to retail investors. This micro-level data allows us to isolate the push messages as individual stock-attention triggers. We exploit a difference-in-differences setting to investigate the impact of these attention triggers on individual trading. Our analysis highlights how attention affects investors' trading intensity, risk taking, portfolio composition, and performance. We also derive insights on an attention satiation effect.