Riding attention spikes: How analysts respond to advertising

IF 4.9 3区管理学 Q1 BUSINESS, FINANCE

Contemporary Accounting Research Pub Date : 2025-09-15 DOI:10.1111/1911-3846.13068

Minjae Koo, Annika Yu Wang, Yin Wang, Liandong Zhang

引用次数: 0

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.

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利用注意力高峰：分析师如何回应广告

产品市场广告虽然没有什么新信息，但却引发了投资者的极大关注。使用每周的广告数据，我们发现卖方分析师发布乐观的收益预测，以应对前一周的广告增加。这种影响不是由令人困惑的收益或产品消息驱动的。对于经验丰富的分析师和只依赖交易收入的券商的分析师来说，这种情况更为明显。乐观的预测偏向加剧了广告对投资者在下一周交易标的股票的影响，尤其是对散户的影响。总体而言，分析师似乎利用广告引发的散户关注度飙升，发布了乐观的预测。

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

Contemporary Accounting Research BUSINESS, FINANCE-

CiteScore

6.20

自引率

11.10%

发文量

期刊介绍： Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.