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dc.contributor.authorARGENTESI, Elena
dc.contributor.authorLUETKEPOHL, Helmut
dc.contributor.authorMOTTA, Massimo
dc.date.accessioned2011-04-19T12:46:36Z
dc.date.available2011-04-19T12:46:36Z
dc.date.issued2010
dc.identifier.citationGerman Economic Review, 2010, 11, 3, 381-396
dc.identifier.issn1465-6485
dc.identifier.urihttp://hdl.handle.net/1814/16389
dc.description.abstractThis 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.isoen
dc.publisherWiley-Blackwell Publishing, Inc
dc.subjectC32
dc.subjectD03
dc.subjectG14
dc.subjectCointegration
dc.subjectcognitive dissonance
dc.subjectGranger-causality
dc.subjectfinancial newspaper sales
dc.subjectstock market and information
dc.titleAcquisition of Information and Share Prices: An Empirical Investigation of Cognitive Dissonance
dc.typeArticle
dc.neeo.contributorARGENTESI|Elena|aut|
dc.neeo.contributorLUETKEPOHL|Helmut|aut|EUI70007
dc.neeo.contributorMOTTA|Massimo|aut|
dc.identifier.volume11
dc.identifier.startpage381
dc.identifier.endpage396
eui.subscribe.skiptrue
dc.identifier.issue3


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