Financial Attention
利用投资者每日在线账户登录的面板数据，研究发现市场下跌后登录次数下降9.5%，且注意力与投资者人口特征和财务状况密切相关。
This paper investigates financial attention using novel panel data on daily investor online account logins. We find support for selective attention to portfolio information. Account logins fall by 9.5% after market declines. Investors also pay less attention when the VIX volatility index is high. The level of attention and the attention/return correlation are strongly related to investor demographics (gender, age) and financial position (wealth, holdings). Using a new statistical decomposition, we show how aggregate and individual household trading are related to investor attention. Received October 31, 2014; accepted July 29, 2015 by Editor David Hirshleifer.