Abstract
ABSTRACTThis article aims to analyze the impact of investor attention in the Brazilian stock market, particularly the effect of positive pressure on asset prices verified by Barber and Odean (2008). Using the methodology of Da and colleagues (2011), we seek to assess whether investor attention, as measured by the volume of searches on Google, can explain abnormal variations in market activity and asset returns. The results indicated that the Internet search data does explain variations in turnover rate and trading volume of assets. However, unlike the results of studies conducted in other countries, the price pressure hypothesis was not observed in the Brazilian market.
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