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: 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.

Argentesi E., Lutkepohl H., Motta M. (2006). ACQUISITION OF INFORMATION AND SHARE PRICES: AN EMPIRICAL INVESTIGATION OF COGNITIVE DISSONANCE. s.l : s.n.

ACQUISITION OF INFORMATION AND SHARE PRICES: AN EMPIRICAL INVESTIGATION OF COGNITIVE DISSONANCE

ARGENTESI, ELENA;
2006

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: 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.
2006
Raccolta dei papers presentati al 61° Congresso Annuale Europeo della Econometric Society (ESEM), disponibili alla pagina web dell'evento (http://www.eea-esem2006.org/)
Argentesi E., Lutkepohl H., Motta M. (2006). ACQUISITION OF INFORMATION AND SHARE PRICES: AN EMPIRICAL INVESTIGATION OF COGNITIVE DISSONANCE. s.l : s.n.
Argentesi E.; Lutkepohl H.; Motta M.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/30340
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