公众注意力影响买入行为吗？——基于投资者行为的分析

公众注意力衡量了一只股票受投资者关注的广泛程度。本文分析了公众注意力对不同类型投资者买入行为的影响,发现小投资者更倾向于买入引起他们注意的股票,中大类型投资者没有明显与注意力相关的买入行为,机构投资者则表现出了与公众注意力相关的策略性行为。小投资者的这种特性使得他们更容易成为市场操纵的受害者,对此本文提出了相应的政策建议。

Does Public Attention Affects Buying Behavior? --Analysis Base on Investor's Behavior

This study uses account data to analyze the buying behavior of different investors, finds that small investor is the net buyer of high attention stocks, middle investors has no definite behavior model relating to public attention, institutional investor shows some strategic behavior relating to public attention. On these findings, some advices are proposed.