An Empirical Study On Investor's Attention To Stock Performance

Since the 1980 s,with the phenomenon of some phenomena in the financial market appeared which can not be interpreted by traditional financial theory.People began to rethink the traditional financial theory.And tried to use a more reasonable way to explain the existence of the market “vision”.Some of these scholars sand in the psychological perspective,studied the investors behavior in financial markets.By observing the behavior of individual investors,combining the data into traditional financial models,they found a better access to explain the phenomenon of the market.Since then,derived a serious of theories which combined with psychology and finance,behavioral finance began to be widely known and accepted.Limited attention as an important part of psychology,in recent years,with the development of internet big data,investor attention data is playing a important role in stock market quantitative analysis.As investors' attention is considered a scarce resource,when investors assign their attention to certain companies,they are bound to have a certain impact on their stocks,meanwhile,because of the presence of noise investors,this phenomenon is likely to be amplified in short term,thus affecting the stock returns and volatility.In the first chapter,the paper firstly analyzes the relevant research of investors' attention,and then determines the goal,significance and the choice of research.In chapter two,it summarizes the relevant theories and development of financial market asset pricing.the theory of financial relevance and investor attention is the basis of empirical analysis.In the third chapter,the author introduces the source of the variables involved in this paper,and gives a general summary of the methods chosen in this paper.The fourth chapter is the empirical part of this paper,which divides the investors' impact on stocks into The impact of the impact of the two parts of the market,the impact of individual stocks focused on the analysis of the earnings of individual stocks,respectively,choose multiple regression and panel data analysis of two angles,the analysis of the market for investors concerned about the market return and volatility.This article through the indicators to reflect the degree of investor attention to a deep excavation,choose to use and information network and the East China Financial Network shares of the data investors concerned about the more intuitive characterization,to minimize the noise on the market,on the basis of the use of This data is based on the stock index and the relevant financial data of individual stocks to study the impact of investor interest on individual stock returns and market volatility,and explore its internal impact mechanism to provide some references for investors to study the performance of stock...