Google search intensity and its relationship to the returns and liquidity of Japanese startup stocks

Yuta Adachi, Motoki Masuda, Fumiko Takeda

研究成果: Article査読

38 被引用数 (Scopus)

抄録

This study investigates the relationship between investor attention and stock price movements in Japan's startup stock exchanges, Mothers and JASDAQ. We find a positive relationship between search intensity and stock returns and between search intensity and liquidity. The positive correlation between search intensity and stock returns/liquidity tends to be larger for startup firms with a high proportion of individual shareholders. Contrary to prior studies that have reported a reversal after an immediate stock price increase, our results show the possibility that an immediate increase in stock returns of startup firms may not be neutralized in the long run.

本文言語English
ページ(範囲)243-257
ページ数15
ジャーナルPacific Basin Finance Journal
46
DOI
出版ステータスPublished - 2017 12月
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

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