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Prior research documents capital market benefits of increased investor attention to accounting disclosures and media coverage, however little is known about how investors and markets respond to attention-grabbing events that reveal little nonpublic information. We use daily firm advertising data to test how advertisements, which are designed to attract consumers' attention, influence investors' attention and financial markets (i.e., spillover effects). Exploiting the fact that firms often advertise at weekly intervals, we use an instrumental variables approach to provide evidence that print ads, especially in business publications, trigger temporary spikes in investor attention. We further find that trading volume and quoted dollar depths increase on days with ads in a business publication. We contribute to research on how management choices influence firms' information environments, determinants and consequences of investor attention, and consequences of advertising for financial markets.
Using daily advertising data, we analyze the short-term effects of advertising on investor attention and on financial market outcomes. Based on various investor attention proxies, we show that advertising positively affects attention. However, it has only little impact on turnover and liquidity. Most importantly, short-term stock returns are not significantly influenced by advertising. Further results suggest that previous findings of an economically significant positive relation between advertising and returns are due to reverse causality. Thus, the belief that stock prices can be temporarily inflated via advertising is misguided.
Modern advertising was created in the US between 1870 and 1920 when advertisers and the increasingly specialized advertising industry that served them crafted means of reliable access to and knowledge of audiences. This highly original and accessible book re-centers the story of the invention of modern advertising on the question of how access to audiences was streamlined and standardized. Drawing from late-nineteenth and early-twentieth-century materials, especially from the advertising industry’s professional journals and the business press, chapters on the development of print media, billboard, and direct mail advertising illustrate the struggles amongst advertisers, intermediaries, audience-sellers, and often-resistant audiences themselves. Over time, the maturing advertising industry transformed the haphazard business of getting advertisements before the eyes of the public into a market in which audience attention could be traded as a commodity. This book applies economic theory with historical narrative to explain market participants’ ongoing quests to expand the reach of the market and to increase the efficiency of attention harvesting operations. It will be of interest to scholars of contemporary American advertising, the history of advertising more generally, and also of economic history and theory.
From FSGO x Logic: a revealing examination of digital advertising and the internet's precarious foundation In Subprime Attention Crisis, Tim Hwang investigates the way big tech financializes attention. In the process, he shows us how digital advertising—the beating heart of the internet—is at risk of collapsing, and that its potential demise bears an uncanny resemblance to the housing crisis of 2008. From the unreliability of advertising numbers and the unregulated automation of advertising bidding wars, to the simple fact that online ads mostly fail to work, Hwang demonstrates that while consumers’ attention has never been more prized, the true value of that attention itself—much like subprime mortgages—is wildly misrepresented. And if online advertising goes belly-up, the internet—and its free services—will suddenly be accessible only to those who can afford it. Deeply researched, convincing, and alarming, Subprime Attention Crisis will change the way you look at the internet, and its precarious future. FSG Originals × Logic dissects the way technology functions in everyday lives. The titans of Silicon Valley, for all their utopian imaginings, never really had our best interests at heart: recent threats to democracy, truth, privacy, and safety, as a result of tech’s reckless pursuit of progress, have shown as much. We present an alternate story, one that delights in capturing technology in all its contradictions and innovation, across borders and socioeconomic divisions, from history through the future, beyond platitudes and PR hype, and past doom and gloom. Our collaboration features four brief but provocative forays into the tech industry’s many worlds, and aspires to incite fresh conversations about technology focused on nuanced and accessible explorations of the emerging tools that reorganize and redefine life today.
This book offers a considered voice on the advertising chaos that colours our rapidly changing media environment in a world of fake news, fast facts and seriously depleted attention stamina. Rather than simply herald disruption, Karen Nelson-Field starts an intelligent conversation on what it will take for businesses to win in an attention economy, the advertising myths we need to leave behind and the scientific evidence we can use to navigate a complex advertising and media ecosystem. This book makes sense of viewability standards, coverage and clutter; it talks about the real quality behind a qCPM and takes a deep dive into the relationship between attention and sales. It explains the stark reality of human attention processing in advertising. Readers will learn how to maximise a viewer’s divided attention by leveraging specific media attributes and using attention-grabbing creative triggers. Nelson-Field asks you to pay attention to a disrupted advertising future without panic, but rather with a keen eye on the things that brand owners can learn to control.
This paper studies the effect of advertising on stock returns both in the short run and in the long run. We find that a greater amount of advertising is associated with a larger stock return in the advertising year but a smaller stock return in the year subsequent to the advertising year, even after we control for other price predictors, such as size, book-to-market, and momentum. We conjecture that this advertising effect on stock returns is due to the effect of advertising on investor attention. Advertising could help a firm attract investors' attention. Stock price increases in the adverting year due to the attracted attention, but decreases in the subsequent year as the attracted attention wears out over time in the long run. We test this quot;investor attention hypothesisquot; using trading volume and the number of financial analysts covering to proxy for investors' attention on the firm's stock. We document five consistent findings. First, advertising increases a firm's visibility among investors in the advertising year. Second, an increased level of investor attention is associated with a larger contemporary stock return and a smaller future stock return. Third, the effect of advertising on stock returns is stronger in firms with more visibility in the advertising year. In particular, when a high advertising firm attracts more investor attention in the stock market, the stock return of the high advertising firm increases to a larger degree in the contemporary adverting year and decreases to a larger degree in the subsequent years. However, the stock return of such a high advertising firm decreases to a smaller degree if the attention attracted in the advertising year persists subsequent to the advertising year. Fourth, the effect of advertising on future stock returns is stronger if investors face a larger cost of arbitrage. Finally, we also find that the advertising effect is stronger for small firms, value firms, and firms with poor ex-ante stock performance or poor ex-ante operating performance.
As ever, the onus is on brands to find compelling ways to earn the attention of the consumer. Yet content scarcity has given way to overload, fixed channels have dissolved into fluid networks, and audiences have become participants in consumer-driven conversations. This shift requires a new course of action for brands; it demands new marketing imperatives. Paid Attention is a guide to modern advertising ideas: what they are, why they are evolving and how to have them. Spanning communication theory, neuroscience, creativity and innovation, media history, branding and emerging technologies, it explores the strategic creation process and how to package ideas to attract the most attention in the advertising industry. Packed with real-world examples of advertising campaigns for companies including Sony, Red Bull, HP and many more, Paid Attention provides a robust model for influencing human behaviour. Referencing a wide body of theory and praxis, from behavioural economics and sociology to technology and even science fiction, Faris Yakob maps advertising onto a wider analysis of culture. Containing practical advertising and branding templates, including a new advertising planning toolkit, it is ideal for students and practitioners looking to get noticed in today's cluttered marketplace. Online resources include additional toolkits with advice, techniques and best practice on brand behaviour, new ideas and effective communication.
Linked from the days of their origins, psychology and advertising developed as independent disciplines at almost the same time in the late nineteenth century. Providing an important arena in which psychologists have tested methods and theories, advertising has been a stimulus for research and development in such diverse specialties as learning and behavioral decision theory, psychometrics, perception, and social and mathematical psychology. Psychology, in turn, has contributed a wide assortment of tools, theories, and techniques to the practice of advertising. These contributions have found their place in virtually all areas of advertising practice -- stimulating creativity, evaluating the creative product, and informing the scheduling of media. Purposely eclectic, this volume presents new issues in consumer psychology and advertising such as the relationship between gender differences, cortical organization and advertising; new approaches to old issues such as attention as an epiphenomenon, and meta-analysis of comparative advertising research; and new applications of consumer psychology to other fields such as examining health behavior as consumer behavior, affect and political advertising, and the relationship between advertising and eating disorders. This volume is the result of the Sixth Annual Advertising and Consumer Behavior Conference, which was designed to bring together researchers and practitioners from both psychology and advertising. Chapter contributions are made by professionals in advertising and marketing, professors in psychology and marketing departments, and psychologists who consult for advertising and marketing organizations. Thus, the chapters represent a microcosm of the type of interaction that has characterized the interface of psychology and advertising for more than a hundred years.