What happens in Vegas stays in Vegas? Firsthand experience and EDGAR search activity in Las Vegas casino hotels
研究发现，拉斯维加斯赌场酒店顾客的亲身体验会促使他们搜索当地旅游类股票，且这种兴趣能预测股票的超额收益，对投资者和旅游行业分析师有参考价值。
Abstract What role does investors’ firsthand experience have in stock selection, and does this firsthand experience lead to better investment outcomes? Using a unique data set containing the stock research activities of patrons of Las Vegas casino hotels, we find evidence that investors’ firsthand experience motivates interest in Vegas‐related travel industry stocks. Additionally, their interest in these stocks predicts strong performance; Vegas interest leads to positive abnormal returns of up to 3.7% (0.4%) over the following year (month), and abnormal returns are highest in industries that are related to Las Vegas.