主题：The Causal Effects of Investor Attention（投资者注意对股票的作用）
We examine the causal effects of investor attention on asset pricing dynamics. Our empirical investigation relies on repeated natural experiments in which investor attention difference does not contain any information related to stock fundamentals, nor is a rational decision of investors. We find higher investor attention causes higher return volatility, higher trading volume, higher stock liquidity, and higher short-term stock returns which largely reverse in two weeks. We also find that these are due to higher noise trader participation after the attention grabbing events, as evidenced by positive order imbalance for small orders, increased return comovement with small stocks, and decreased price efficiency.