All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors
验证了个人投资者倾向于购买高关注度股票（如新闻热点、异常交易量或极端收益股），而机构投资者则不同，揭示了注意力驱动购买行为的机制。
We test and confirm the hypothesis that individual investors are net buyers of attention-grabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one-day returns. Attention-driven buying results from the difficulty that investors have searching the thousands of stocks they can potentially buy. Individual investors do not face the same search problem when selling because they tend to sell only stocks they already own. We hypothesize that many investors consider purchasing only stocks that have first caught their attention. Thus, preferences determine choices after attention has determined the choice set. , Oxford University Press.