Mood, attention, and household trading: Evidence from terrorist attacks

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-11-01 DOI:10.1016/j.finmar.2023.100858

Albert Y. Wang , Michael Young

引用次数: 0

Abstract

In response to terrorism, households reduce their trading activity and equity ownership. While the decline in the net value of trades is consistent with increasing risk aversion, reduced Google search volumes, lower aggregate attention indices, and fewer purchases of newsworthy stocks suggest that investors pay less attention to the financial markets after attacks. Additional tests indicate that investor inattention is driven by distress-induced avoidance rather than distraction, and the effect is limited to retail investors. Finally, reduced retail trading after attacks leads to a decline in stock liquidity.

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情绪、注意力和家庭交易:来自恐怖袭击的证据

为了应对恐怖主义，家庭减少了他们的交易活动和股权。虽然交易净值的下降与风险厌恶情绪的上升是一致的，但谷歌搜索量的减少、总体关注指数的下降以及对有新闻价值股票的购买减少，表明投资者在袭击发生后对金融市场的关注有所减少。额外的测试表明，投资者的注意力不集中是由痛苦引发的回避而不是分散注意力驱动的，而且这种影响仅限于散户投资者。最后，袭击后零售交易减少导致股票流动性下降。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.