大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

Corporate Advertisements and the Investor Attention Effect: Evidence from the Television Commercials

阿萬 弘行（関西学院大学)

1. ホーム
2. セミナー・集中講義
3. セミナー
4. Corporate Advertisements and the Investor Attention Effect: Evidence from the Television Commercials

大阪大学 数理・データ科学セミナー 金融・保険セミナーシリーズ 第79回

Corporate Advertisements and the Investor Attention Effect: Evidence from the Television Commercials

阿萬 弘行（関西学院大学)

In this study, we examine the investor attention hypothesis that corporate advertising influences trading activity, by evaluating a unique data from television advertising the Japanese market. Our most critical finding suggests that consistent with the attention-grabbing effect, abnormally high TV advertising frequency is positively and significantly associated with more trading. Our results also indicate that higher rates of TV viewership promotes trading, suggesting advertising coverage that targets a broad audience attracts greater awareness for corporate information. In addition, a longer-term airing of TV ad has a weaker marginal effect on trading volume and also TV ads with promotion of specific product have a stronger impact on trading volume than those with corporate image promotion. This result suggests that investor attention is responsive to the arrival of new information and less sensitive to long-term, repeated exposure to commercial messages, consistent with the wear-out (decayed attention).