Investor Attention on Internet Financial Markets

Investor attention is more likely to affect the performance of Internet financial products, compared to its effect on other security markets. This paper finds that investor attention has significantly positive impacts on the trading volume and turnover rate of Internet financial products, but significantly negative impacts on returns. In particular, the impact of investor attention on the return of Internet financial products will gradually weaken and disappear in less than a month, which is shorter than the timeliness of investor attention on other markets. This finding is consistent with rapid update of information in the Internet environment.