When and How Does Irrelevant Peripheral Information Affect Investors’ Processing of Online Financial Information?
通过实验发现，网页上的中性产品广告不会影响投资者处理金融信息，因为投资者能避免看它们；但引发负面情绪的广告会使投资者更负面地解读金融信息并降低投资意愿。
ABSTRACT We investigate when and how irrelevant peripheral information, such as advertisements, affects investors’ processing of nearby financial information in an online environment. We develop a theory-based framework that predicts that irrelevant peripheral information will affect investors’ processing of nearby financial information when it distracts investors or induces negative investor mood. We conduct a series of experiments that test our framework. Specifically, we examine the effects of a type of peripheral information ubiquitous on popular online financial websites—advertisements—and find that neutral product advertisements in the periphery of web pages do not affect investors’ processing of nearby financial information. Eye-tracking data reveal that this effect stems from investors’ ability to avoid looking at such ads. However, we also find that advertisements that induce negative mood cause investors to interpret nearby financial information more negatively and be less willing to invest. Data Availability: Data are available from the authors upon request. JEL Classifications: M31; M37; M41; G4.