Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 7, 2022 erstellt
Description:
Attention-grabbing stock markets result in workers’ decreased productivity, even if they may not actively trade stocks. Combining individual worker output data from personnel records with stock market data, we find workers’ output is negatively associated with market overnight returns. The response is instantaneous, more pronounced on Mondays, sensitive to extreme overnight returns and the economic loss is quantitatively important. Alternative stock indices such as intraday returns have no explanatory power, implying workers’ limited attention rather than wealth concerns. Additionally, workers’ output comoves more with stocks geographically or economically linked to their employer, indicating categorizing stock markets with the real sector