Acquisition of Information and Share Prices: An Empirical Investigation of Cognitive Dissonance

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dc.contributor.author ARGENTESI, Elena
dc.contributor.author LUETKEPOHL, Helmut
dc.contributor.author MOTTA, Massimo
dc.date.accessioned 2011-04-19T12:46:36Z
dc.date.available 2011-04-19T12:46:36Z
dc.date.issued 2010
dc.identifier.citation German Economic Review, 2010, 11, 3, 381-396
dc.identifier.issn 1465-6485
dc.identifier.uri http://hdl.handle.net/1814/16389
dc.description.abstract This paper deals with the determinants of agents' acquisition of information. Our econometric evidence shows that the general index of Italian share-prices and the series of Italy's financial newspaper sales are cointegrated, and the former series Granger-causes the latter, thereby giving support to the cognitive dissonance hypothesis: (non-professional) agents tend to buy the newspaper when share prices are high and not to buy it when share prices are low. Instead, we do not find support for the hypothesis that the agents acquire information in order to trade in the stock market: we find no relationship between quantities exchanged in the market and newspaper sales, nor between stock market volatility and newspaper sales.
dc.language.iso en
dc.publisher Wiley-Blackwell Publishing, Inc
dc.subject C32
dc.subject D03
dc.subject G14
dc.subject Cointegration
dc.subject cognitive dissonance
dc.subject Granger-causality
dc.subject financial newspaper sales
dc.subject stock market and information
dc.title Acquisition of Information and Share Prices: An Empirical Investigation of Cognitive Dissonance
dc.type Article
dc.neeo.contributor ARGENTESI|Elena|aut|
dc.neeo.contributor LUETKEPOHL|Helmut|aut|EUI70007
dc.neeo.contributor MOTTA|Massimo|aut|
dc.identifier.volume 11
dc.identifier.startpage 381
dc.identifier.endpage 396
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dc.identifier.issue 3


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