Aerospace competition, investor attention, and stock return comovement
研究发现全球超级大国间的太空竞争使美国投资者在卫星发射日更关注市场整体冲击，导致股票收益与市场联动增强，尤其对军事相关发射和冷战前发射更显著，并可通过交易策略获得年化17%的超额收益。
Fierce aerospace competition among global superpowers has resulted in strong public attention on satellite launch events in the U.S. Given limited attentional resources, U.S. investors pay more attention to market-level shocks than to firm-specific shocks, making stock returns comove more with the market on satellite launch days than on other days. We find that the effect is significantly stronger for military-related satellite launches, launches before the dissolution of the former Soviet Union, and international satellite launches by other competitors, highlighting a greater concern for national security. A trading strategy that exploits the potential satellite-induced mispricing yields an annualized abnormal risk-adjusted return of up to 17% within the three-day window around launch date. Our results are robust to a battery of robustness analyses that consider the different characteristics of satellite launches, the exclusion of aerospace firms, and stock return comovement with industries.