It pays to pay attention: How firm's and competitor's marketing levers affect investor attention and firm value

Investors' attention to a firm's stock has been demonstrated influence returns (Da et al., 2011). But does marketing information draw stock? Research in finance, accounting, and investigated advertising as one potential driver of investors' stock. How about other drivers? The authors develop hypotheses related the impact changes four levers: advertising, product development announcements, WOM, customer satisfaction on change investor Furthermore, they investigate moderating role competitors' levers these relationships. To test hypotheses, compile panel dataset with 349 firms covering 2007–2017 period. results suggest that focal WOM have positive significant firm’s effects are amplified when there is an increase spending respectively. For lever, enhances attention. Collectively, investors attend its much more nuanced manner than previously thought.