The beliefs of decision-makers affect their economic behavior. Do beliefs about corporate growth among listed companies’ management affect their use of mergers and acquisitions (M&As)? We draw on M&A events data for Chinese A-share listed companies from 2014 to 2021. Phrases related to capital...

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: The purpose of this paper is to empirically examine whether investor attention is a significant risk pricing factor. Design/methodology/approach: Using investor attention data from Eastmoney.com, which provides for each stock the number of investors whose watch list includes that stock...

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...

Investors have preferences for local companies, as well as companies in connected cities. We develop a novel approach to exploit the geographic connections of investor watched stocks to identify latent city-to-city connections that influence geographic investment preferences in China. We find...