When Hollywood Movies Steal the Show, Stock Returns Dance More With the Market!

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aut.relation.articlenumber103501
aut.relation.endpage103501
aut.relation.journalInternational Review of Financial Analysis
aut.relation.startpage103501
aut.relation.volume95
dc.contributor.authorDo, HX
dc.contributor.authorNguyen, NH
dc.contributor.authorNguyen, QMP
dc.contributor.authorNguyen, TVH
dc.contributor.authorTruong, C
dc.date.accessioned2024-08-09T02:44:18Z
dc.date.available2024-08-09T02:44:18Z
dc.date.issued2024-10-01
dc.description.abstractHollywood film releases attract U.S. investors' attention away from the financial markets. This is reflected in lower trading activity and abnormal Google search volume for firm names between film and non-film days. The resultant investor inattention leads to a significantly higher stock return comovement with the market on film release days. Interestingly, films with A-list star actors and blockbuster movies exhibit a more pronounced impact than their counterparts. Finally, we show that being aware of this Hollywood film-induced mispricing can yield an annualized abnormal risk-adjusted return of up to 13.5% within five days around the release events.
dc.identifier.citationInternational Review of Financial Analysis, ISSN: 1057-5219 (Print), Elsevier BV, 95, 103501-103501. doi: 10.1016/j.irfa.2024.103501
dc.identifier.doi10.1016/j.irfa.2024.103501
dc.identifier.issn1057-5219
dc.identifier.urihttp://hdl.handle.net/10292/17857
dc.languageen
dc.publisherElsevier BV
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S1057521924004332
dc.rights© 2024 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
dc.rights.accessrightsOpenAccess
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subject38 Economics
dc.subject3502 Banking, Finance and Investment
dc.subject3801 Applied Economics
dc.subject35 Commerce, Management, Tourism and Services
dc.subject1501 Accounting, Auditing and Accountability
dc.subject1502 Banking, Finance and Investment
dc.subject1801 Law
dc.subjectFinance
dc.subject3501 Accounting, auditing and accountability
dc.subject3502 Banking, finance and investment
dc.subject3801 Applied economics
dc.titleWhen Hollywood Movies Steal the Show, Stock Returns Dance More With the Market!
dc.typeJournal Article
pubs.elements-id564644
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