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The Insurance Institute for Highway Safety says the cost of treating neck and back injuries from rear end collisions has spiked to $8. 5 million a year. gregory. phpGregory M. CorsoGeneral InformationPositionAssociate Professor of PsychologyResearch AreaEngineering PsychologyEducationPh. D.
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We show that an aggregate ostrich effect is operative for returns over multiple horizons and is robust to allowing for return nonlinearities. We also show how market volatility and media coverage affect attention. Our findings are strongly consistent with information dependent utility but are difficult to reconcile with a purely trading based explanation for attention. Further, we use the trading attention identity in 1 to decompose patterns in trading into patterns in attention and conditional trading. Investors may condition decisions to pay attention to their personal portfolio on a variety of public signals. This is both because investors may try to control the hedonic impact of financial information, as with the ostrich effect, and because the usefulness of information for trading may vary as described in Section I. In Table 3, panel A, we estimate a number of different regression specifications for aggregate attention using the logarithm of the daily total number of investors who logged in to their account as the dependent variable. Only trading days are included in the sample. All of our regressions here and below routinely include day of the week dummy variables. Specification 1 is a starting point regression controlling only for day of week effects. The regression R2 shows that 7% of aggregate daily logins is explained by the day of the week.