当好莱坞电影抢尽风头时，股票回报也会随市场起舞！

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2024-07-27 DOI:10.1016/j.irfa.2024.103501

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引用次数: 0

摘要

好莱坞电影的上映吸引了美国投资者对金融市场的关注。这反映在电影上映日和非电影上映日之间公司名称的交易活动和谷歌搜索量的异常降低。投资者注意力的分散导致电影上映日的股票收益与市场的相关性显著提高。有趣的是，拥有 A 级明星演员和大片的电影比同类电影表现出更明显的影响。最后，我们的研究表明，意识到这种由好莱坞电影引发的错误定价会在电影上映前后五天内产生高达 13.5% 的年化异常风险调整回报。

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When Hollywood movies steal the show, stock returns dance more with the market!

Hollywood film releases attract U.S. investors' attention away from the financial markets. This is reflected in lower trading activity and abnormal Google search volume for firm names between film and non-film days. The resultant investor inattention leads to a significantly higher stock return comovement with the market on film release days. Interestingly, films with A-list star actors and blockbuster movies exhibit a more pronounced impact than their counterparts. Finally, we show that being aware of this Hollywood film-induced mispricing can yield an annualized abnormal risk-adjusted return of up to 13.5% within five days around the release events.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.