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Attention and Underreaction-Related Anomalies

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  • Xin Chen

    (Shenzhen Audencia Business School, WeBank Institute of Fintech, Guangdong Laboratory of Artificial Intelligence and Digital Economy, Shenzhen University, Shenzen 518060, People’s Republic of China)

  • Wei He

    (Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, Chengdu 610074, People’s Republic of China)

  • Libin Tao

    (School of Banking and Finance, University of International Business and Economics, Beijing 100029, People’s Republic of China)

  • Jianfeng Yu

    (PBC School of Finance, Tsinghua University, Beijing 100083, People’s Republic of China)

Abstract

Recent studies have proposed a large set of powerful anomaly-based factors in the stock market. This study examines the role of investor inattention in the corresponding anomalies underlying these factors and other underreaction-related anomalies. Using media coverage as a proxy for investor attention, we show that the anomalies underlying many recently proposed prominent factors are much more pronounced among firms with low media coverage in portfolio-formation periods. In addition, we find many other prominent anomalies that previous literature has attributed to underreaction also tend to perform much better among firms with low media coverage. The average Fama-French five-factor alpha spread of these anomalies is about 0.97% per month among firms with low news coverage and only 0.24% per month among firms with high news coverage. Moreover, most of the alpha spread comes from the short leg of the anomalies and from the firms that are more difficult to arbitrage. Overall, our evidence indicates that investor inattention at least partially drives many of the recently proposed factors.

Suggested Citation

  • Xin Chen & Wei He & Libin Tao & Jianfeng Yu, 2023. "Attention and Underreaction-Related Anomalies," Management Science, INFORMS, vol. 69(1), pages 636-659, January.
    • Handle: RePEc:inm:ormnsc:v:69:y:2023:i:1:p:636-659
    DOI: 10.1287/mnsc.2022.4332
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