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MSGF Online Seminar - Background Noise? TV Advertising Affects Real Time Investor Behavior

March 24, 2021 (Wed), 08:00 - 09:30 Hong Kong time

(Click HERE to view the local times in other countries)

Amid the turbulence in stock markets, retail investors continue to look for investment ideas. With thousands of publicly-traded stocks available, many retail investors now often resort to their recent personal experiences when deciding on which stocks to buy or sell, or seek advice in social media. They could even be inspired by ads they see on TV.

In this seminar, Professor Žaldokas will share his insights on the effects of advertising on investor behavior and stock prices. There is a predictable, recurring, and robust pattern between investor exposure to television commercials and subsequent retail stock trading. In particular, Professor Žaldokas’s recent research study showed that within 15 minutes of seeing an ad for a firm’s product or service, investors begin searching for financial information on that firm’s stock. This surge of attention leads to a higher trading volume of the advertiser’s stock the following day – and contributes to a temporary rise in the stock price of that firm. The effects of advertising on investor behavior and stock prices are indeed more far reaching than has been previously believed.

Speaker Bio

Professor Alminas Žaldokas is an Associate Professor of Finance at the HKUST. He has joined HKUST in 2012 after receiving his Ph.D. in Finance from INSEAD (France). As the visiting scholar, he has also taught at the McCombs School of Business at the University of Texas in Austin.

Professor Žaldokas’s research focuses on the interaction between firm decisions in the financial and in the product markets. His research papers have been published in the leading academic journals such as the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Accounting Research, RAND Journal of Economics, and Journal of International Economics. His recent work on collusion in product markets has received multiple academic and practitioner awards and has been presented in the conferences organized by the policy makers such as the Securities Exchange Commission (SEC) and Federal Trade Commission (FTC).

Seminar Schedule (Hong Kong time)

08:00 Registration 08:15 Welcome and Introduction 08:25 Presentation 09:15 Q & A 09:30 End

To RSVP, please click this LINK. If you have any questions, please feel free to contact Tracy Chau at


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