Investor Inattention and Stock Prices: Evidence from Acquisitions with a Choice of Payment Type
研究发现，在收购中面临现金或股票支付选择时，持有15%股份的股东注意力不足，平均导致2%的损失，在价差最大的交易中损失达6%，且注意力不足会通过财富转移影响股价。
I report evidence that shareholders holding a combined 15% of shares are inattentive or partially inattentive when confronted with the decision to receive cash or stock for their shares in acquisitions. The average cost of such inattention is 2%, and it increases to 6% for the tertile of transactions with the greatest difference between the cash and stock values. Most interestingly, I show that inattention affects stock prices because attentive shareholders bid up the stock price in anticipation of a wealth transfer from inattentive shareholders.