Memory Moves Markets

• 成果类型: Article
• 署名作者: Charles, Constantin
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhae086
• 发表日期: 2025
• 页码: 1641
• 关键词: INVESTOR ATTENTION; earnings; INFORMATION; news; events; time

摘要

I show that memory-induced attention can distort prices in financial markets. I exploit rigid earnings announcement schedules to identify which firms are associated in investors' memory. Firms with randomly overlapping earnings announcements are associated in memory because many investors experience them in the same context. Months later, when only one of the two firms announces earnings, this context is cued, and triggers the recall of the other, associated firm. On such days, I find that memory-induced attention leads to buying pressure in the associated firm's stock. The strength of this effect varies as predicted by associative memory theory.