Does Noninformative Text Affect Investor Behavior?
研究发现，即使没有信息内容，易处理的文本（如股票代码为英文单词）也能影响投资者交易行为，提高股票流动性，并吸引散户投资者关注。
Abstract This article demonstrates that easily processed texts affect investor trading behavior even in the absence of any informational content. We examine the trading symbols of US firms and find that stocks with clever tickers (those that are actual words in the English language) are more liquid, as measured by higher turnover and trading volume, as well as lower spreads. Furthermore, clever ticker stocks are traded more by uninformed investors and have larger market reactions on earnings announcement days. These results suggest that ticker fluency facilitates trading by improving the firm's visibility among retail investors through attention grabbing and memorization.