TY - UNPD A1 - Storms, Konstantin A1 - Kapraun, Julia A1 - Rudolf, Markus T1 - Can retail investor attention enhance market efficiency? N2 - This study provides novel insights to the ongoing debate how market efficiency is challenged by investor behavior. Applying search engine data we find that retail investor attention can enhance market efficiency. High attention is associated with better incorporation of idiosyncratic stock information, which we interpret as improved pricing efficiency. This effect is even more pronounced in bullish markets. In bearish markets, however, retail investor attention leads to a deterioration of pricing efficiency, which might be explained with herding behavior. Our evidence holds for a broad sample of European and US stocks. KW - Kapitalmarkteffizienz KW - Market efficiency KW - Anlegerinteresse KW - Investor attention KW - Suchmaschine KW - Search engine KW - Datenvolumen KW - Data volume Y1 - 2015 UR - https://opus4.kobv.de/opus4-whu/frontdoor/index/index/docId/697 UR - https://nbn-resolving.org/urn:nbn:de:hbz:992-opus4-6977 PB - WHU - Otto Beisheim School of Management CY - Vallendar ER -