When and how do advertisements affect investors' processing of online financial information?

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2022
Authors
Cade, Nicole
Mercer, Molly
Winn, Amanda
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We investigate when and how irrelevant peripheral content affects investors’ processing of nearby financial information in an online environment. In doing so, we report the results of a series of experiments that examine the effects of different types of advertisements on investors’ judgments. We find that neutral product advertisements located on the top or in the right rail do not affect investment judgments or investors’ recall of financial information. A follow up eye tracking study suggests such advertisements do not affect judgments or recall because investors are able to avoid looking at these types of ads. In contrast, we find that advertisements with a location that disrupts reading flow or content that elicits a negative emotional response are more likely to influence processing of online financial information. Overall, our findings highlight the importance of monitoring investors’ exposure to irrelevant peripheral content when evaluating financial information.
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investor behavior, online financial information, advertisements
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