When Hollywood movies steal the show, stock returns dance more with the market!

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dc.citation.issuePart C
dc.citation.volume95
dc.contributor.authorDo HX
dc.contributor.authorNguyen NH
dc.contributor.authorNguyen QMP
dc.contributor.authorNguyen TVH
dc.contributor.authorTruong C
dc.date.accessioned2024-09-30T20:17:39Z
dc.date.available2024-09-30T20:17:39Z
dc.date.issued2024-10
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.description.confidentialfalse
dc.edition.editionOctober 2024
dc.identifier.citationDo HX, Nguyen NH, Nguyen QMP, Nguyen TVH, Truong C. (2024). When Hollywood movies steal the show, stock returns dance more with the market!. International Review of Financial Analysis. 95. Part C.
dc.identifier.doi10.1016/j.irfa.2024.103501
dc.identifier.eissn1873-8079
dc.identifier.elements-typejournal-article
dc.identifier.issn1057-5219
dc.identifier.number103501
dc.identifier.piiS1057521924004332
dc.identifier.urihttps://mro.massey.ac.nz/handle/10179/71534
dc.languageEnglish
dc.publisherElsevier Inc
dc.publisher.urihttps://www.sciencedirect.com/science/article/pii/S1057521924004332
dc.relation.isPartOfInternational Review of Financial Analysis
dc.rights(c) 2024 The Author/s
dc.rightsCC BY 4.0
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectInvestor attention
dc.subjectReturn Comovement
dc.subjectHollywood
dc.subjectEntertainment industry
dc.titleWhen Hollywood movies steal the show, stock returns dance more with the market!
dc.typeJournal article
pubs.elements-id491023
pubs.organisational-groupOther
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