The Influence Ot Investors' Attention On The Performance Of The GME Market In Different Markets

The asset pricing of traditional finance theory is that the stock market is effective,as the main rational investors can fully understand the information of all available in the market,and immediately reflected in stock prices.However traditional finance cannot well explain market anomalies,such as stock price premium puzzle "rational man" hypothesis for the challenge,scholars try to introduce the investors' attention to the asset pricing process,how to measure investors' attention?With the rapid development and popularization of Internet technology,Internet search provides people with convenient and fast access to information.The securities market itself is the process of mining and processing all kinds of information in order to obtain the benefit.The application and popularization of the Internet provides a new path for quantitative individual attention,through search engines to record to a keyword search data,limited attention to the scarce resources to quantify,is studied under the unlimited information limited individual attention to the influence of Chinese stock market performance.Existing research shows that investors in the Internet information dissemination and emotion tend to have an impact on quantity and price of the stock market performance,but not further distinguish between investors' attention to differentmarket conditions whether the influence of the quantity and price in the stock market performance will be different.This article provides the baidu index search data to construct the investor attention proxy variables,and 106 stocks manually collected the gem market search data in the year of 2015 days,empirical research on the different market conditions,interest trend changes brought about by the irrational behavior whether quantity and price of the stock market index has the influence of asymmetry.This article from the theory research,descriptive research and empirical research on three levels to carry on the analysis,carding the research status at home and abroad,string established logic relations after the relevant concepts:big data-mining limited attention-investor attention-baidu index-investors decision-making behavior-the amount of stock price performance under different city state.The research results show that investors' attention has a significant positive effect on the yield of gem market.In a bull market,investors pay more attention to the impact of the current yield than the bear market;In the bull market,the positive impact of investors' attention on the current yield is lower than the bear market in the future.In a bull market,the correlation between investors' attention and the activity of stock market activity is higher than that of a bear market.