{"title":"网上信息获取和投资者交易","authors":"Lei Gao, Oliver Zhen Li, P. Yeung","doi":"10.2139/ssrn.1929402","DOIUrl":null,"url":null,"abstract":"We examine the empirical associations between online information acquisition and several aspects of investors’ trading activities. We find that trading volume and buy-sell imbalance between small and large traders are positively associated with abnormal ticker search on Google. These positive trading-search associations are more pronounced for firms with large accruals, during earnings announcement periods, and in more recent years. Our evidence is consistent with information acquisition triggers investor disagreement.","PeriodicalId":369344,"journal":{"name":"American Finance Association Meetings (AFA)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"7","resultStr":"{\"title\":\"Online Information Acquisition and Investor Trading\",\"authors\":\"Lei Gao, Oliver Zhen Li, P. Yeung\",\"doi\":\"10.2139/ssrn.1929402\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the empirical associations between online information acquisition and several aspects of investors’ trading activities. We find that trading volume and buy-sell imbalance between small and large traders are positively associated with abnormal ticker search on Google. These positive trading-search associations are more pronounced for firms with large accruals, during earnings announcement periods, and in more recent years. Our evidence is consistent with information acquisition triggers investor disagreement.\",\"PeriodicalId\":369344,\"journal\":{\"name\":\"American Finance Association Meetings (AFA)\",\"volume\":\"3 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2012-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"7\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Finance Association Meetings (AFA)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1929402\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Finance Association Meetings (AFA)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1929402","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Online Information Acquisition and Investor Trading
We examine the empirical associations between online information acquisition and several aspects of investors’ trading activities. We find that trading volume and buy-sell imbalance between small and large traders are positively associated with abnormal ticker search on Google. These positive trading-search associations are more pronounced for firms with large accruals, during earnings announcement periods, and in more recent years. Our evidence is consistent with information acquisition triggers investor disagreement.
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