分散注意力
股票市场
库存(枪支)
经济
金融经济学
金融体系
工程类
地理
心理学
机械工程
考古
神经科学
背景(考古学)
作者
Sudheer Chava,Nikhil Paradkar
标识
DOI:10.1016/j.finmar.2024.100928
摘要
We examine how investor distraction during the December holiday season impacts the stock market's reaction to salient firm-specific news. We find that both retail and institutional investor attention is significantly lower in December. Importantly, only unscheduled credit rating downgrades and 8-K filings experience lower investor attention in December; we find no equivalent effect for pre-scheduled earnings announcements. Consistently, we document significantly weaker market responses in December toward unscheduled firm news only. Firm prominence mitigates this December distraction effect. Our results highlight how investor distraction in December can lead to a muted market reaction to unscheduled, but salient, firm-specific news.
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