Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 1, 2023 erstellt
Beschreibung:
This paper investigates how exploited noise trading behavior is influenced by limited attention. As the daily price limit rules of the Chinese stock market provide a scenario for the exhibition of salient payoffs, speculators elevate prices to attract noise traders with salience preferences into the market. Utilizing a series of distraction events stemming from mobile games as exogenous shocks to investors’ attention, we find that the gambler-like behavior, termed as “Hitting game” is crowded out. Our results remain robust after considering calendar effects and potential interference driven by market fundamentals. Consistently, comprehensive attention-related indicators decline in response to these game shocks