Individual investors’ paid news subscriptions
研究发现仅4%的个人投资者订阅新闻，其中金融新闻订阅占1.2%；众包新闻占订阅支出的30%，且与股市估值、交易量和投资正相关，订阅者季度投资增加280美元。
Abstract We study individual investors’ paid news subscriptions. Among individual investors, only 4% of individual-quarters include a news subscription, and 1.2% include a financial news subscription. These low rates mask substantial variation across news sources and over time. Within financial news, approximately 30% of aggregate subscription dollars are spent on crowdsourced news, with the remaining 70% spent on traditional financial news. Subscription dollars vary over time, with crowdsourced news at times matching or exceeding traditional financial news. We also find that subscriptions are correlated with capital market activity. Aggregated payments for subscriptions, particularly for crowdsourced news, are correlated with stock market valuation, trading volume, and investment. Similarly, within individuals, the association between subscriptions and investment is driven primarily by crowdsourced news: subscribing is associated with a $280 increase in quarterly investment. Overall, our findings highlight variation in individual investors’ news subscriptions and their correlated investment activities.