Riding attention spikes: How analysts respond to advertising
研究发现，产品广告会引发投资者注意力高峰，促使卖方分析师发布更乐观的盈利预测，尤其是经验丰富或依赖交易收入的券商分析师，这种偏差会加剧广告对散户交易的影响。
Abstract Product market advertising, while containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell‐side analysts issue optimistic earnings forecasts in response to heavier advertising in the prior week. This effect is not driven by confounding earnings or product news. It is more pronounced for experienced analysts and analysts affiliated with brokerages that rely solely on trading revenues. The optimistic forecast bias intensifies the impact of advertising on investor trades of the underlying stock during the following week, especially on retail buying. Overall, analysts appear to issue optimistic forecasts to exploit retail investor attention spikes induced by advertising.