Memory Moves Markets
研究发现，投资者因记忆关联而产生的注意力会扭曲股票价格，具体表现为当一家公司发布财报时，会触发投资者对另一家与之同期发布财报的公司的回忆，导致后者股价出现买入压力。
Abstract I show that memory-induced attention can distort prices in financial markets. I exploit rigid earnings announcement schedules to identify which firms are associated in investors’ memory. Firms with randomly overlapping earnings announcements are associated in memory because many investors experience them in the same context. Months later, when only one of the two firms announces earnings, this context is cued, and triggers the recall of the other, associated firm. On such days, I find that memory-induced attention leads to buying pressure in the associated firm’s stock. The strength of this effect varies as predicted by associative memory theory.