Purpose: This paper aims to study the following two questions. Do earnings announcements stimulate investors to participate in online discussions? Does online investment forum participation affect the market’s reaction to earnings news? Design/methodology/approach: The authors collect all the...

Purpose: This paper aims to examine the direct and indirect effects of advertising on investor behavior. Design/methodology/approach: The authors use a novel and direct measure of investor attention: the number of investors whose watch lists has the stock. Findings: The authors find that beyond...