Influence Study Of Investor’s Limitied Attendtion To Concept Stock Yields Based On Baidu Search Index

With concept stock speculation,the main force of investment,becoming increasingly popular,retail trading on the impact of the whole market is also rising.Based on the classical "rational man" hypothesis and efficient market theory of modern mainstream economics,this paper puts forward some deficiencies of the above hypothesis and theory in combination with the actual stock market operation and investors’ trading behaviors.Select stocks investors(retail)that is highly dependent on information publicity group as the research object,respectively from the expansion of bounded rationality and market information asymmetry two assumptions,the introduction of cognitive psychology to explain how the general public through selective attention investors limited attention)(that is,economics,identification,analysis,processing information and then make proper stress reaction(such as investment decision-making);The introduction of behavioral finance explains the probability distribution that investors cannot grasp enough information due to their limited attention,which leads to the limited rationality of investment behavior and ultimately leads to the theoretical root of market anomalies.Information economics is introduced to analyze the characteristics of the special products produced by the concept stock market of information and how its propagation law affects the quantity and quality of information captured by investors with limited attention.Theoretical basis of the above three disciplines through the cross application,to a certain degree of combed the stocks investors how to utilize the focus on access to information,supplemented by working memory for further processing,the analysis of information flow to action after treatment and make corresponding investment decisions,so stocks investors buy and sell shares in market of related transactions affect stocks yield.Investors in full in limited focus on the specific impact of stocks yield mechanism is put forward on the basis of some research hypothesis,then choose Baidu index as measure investors limited focus on indicators,the empirical analysis conclusions support investors do have a limited attention to yields influence,and that there are stocks market yields reversal effect,the weekend effect in markets such as vision,finally combined with empirical test results summarized some research.