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Foreign Eyes on Wall Street: Investor Attention and U.S. Stock Reactions

Author

Listed:
  • Rui Fan

    (Xian Jiaotong University)

  • Alex Nikolsko-Rzhevskyy

    (Lehigh University)

  • Oleksandr Talavera

    (University of Birmingham)

Abstract

We examine the link between the U.S. stock market and foreign investor attention using SEC EDGAR log files and the MaxMind database to connect non-U.S. IP addresses with characteristics of S&P 500 stocks. A 10% increase in foreign EDGAR searches is associated with a 0.6% rise in abnormal daily returns. The effect is stronger for firms with lower sales, limited analyst coverage, lower institutional ownership, or high exposure to China. Our findings suggest that foreign attention, as reflected in EDGAR activity, shapes stock outcomes and that non-U.S. government policies may also influence U.S. market performance.

Suggested Citation

  • Rui Fan & Alex Nikolsko-Rzhevskyy & Oleksandr Talavera, 2025. "Foreign Eyes on Wall Street: Investor Attention and U.S. Stock Reactions," Discussion Papers 25-02, Department of Economics, University of Birmingham.
    • Handle: RePEc:bir:birmec:25-02
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    More about this item

    Keywords

    EDGAR system; MaxMind; stock market; investor attention; information acquisition;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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