Microeconomics: Search; Learning; Information Costs & Specific Knowledge; Expectation & Speculation eJournal  ·  2013  ·  Impact 4

ABSTRACT
This study examines the relationship between online search intensity and stock-trading behavior in the Japanese market. The search intensity is measured by the search volume of company names on Google. Our sample consists of 189 Japanese stocks searched between 2008 and 2011. We find correlations with search intensity that are strongly positive for trading volume and weakly positive for stock returns. Our results are consistent with the notion that the increase in search activity is associated with increases in trading activity, but the probability that this increase in trading raises stock prices is not high.

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impact factor4
year_of_publication2013
sourceMicroeconomics: Search; Learning; Information Costs & Specific Knowledge; Expectation & Speculation eJournal

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