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Attention centrality and information efficiency

Author

Listed:
  • Yang, Ruohan
  • Su, Kun

Abstract

This study introduces attention centrality, a measure based on corporate site visits, to capture a firm’s central role in its industry’s information network. We find that attention centrality is persistent, and influenced by fundamental characteristics and information uncertainty. High-attention firms predict stock and industry returns, attract more analyst forecasts, and exhibit higher idiosyncratic volatility, emphasizing their role in market efficiency.

Suggested Citation

  • Yang, Ruohan & Su, Kun, 2025. "Attention centrality and information efficiency," Economics Letters, Elsevier, vol. 254(C).
    • Handle: RePEc:eee:ecolet:v:254:y:2025:i:c:s0165176525002885
    DOI: 10.1016/j.econlet.2025.112451
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    References listed on IDEAS

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    Keywords

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    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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