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New research shows retail investors are also moved to make stock purchases by ads they see on TV.

What it means: In a new paper, researchers at Cornell and Hong Kong University of Science and Technology find a "predictable, recurring, and robust pattern between investor exposure to television commercials and subsequent retail stock trading."

  • And the impact of TV ads on stock prices is "more far reaching than previously believed."

Details: "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 bottom line: "We found that each dollar spent on advertising translated to roughly 40 cents of additional trading volume in the advertiser’s stock."

Go deeper: The phenomenon of the television ad as investment tip

Go deeper

Felix Salmon, author of Capital
Aug 27, 2020 - Economy & Business

A tale of two direct listings

Illustration: Lazaro Gamio/Axios

This was a big week for you, if you're a Facebook billionaire looking to take your money-losing post-Facebook company public by doing a direct listing of shares on the New York Stock Exchange.

Details: Asana was founded by Facebook co-founder Dustin Moskovitz in 2008; Palantir was founded by Facebook investor and board member Peter Thiel in 2003. Both companies released their full financials this week.

Updated 4 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.