Salience Theory and Stock Prices: Empirical Evidence Abstract We present empirical evidence on the asset pricing implications of salience theory. In our model, investors overweight salient past returns when forming expectations about future returns. Consequently, investors are attracted to stocks with salient upsides, which are overvalued and Oil price shocks and stock markets in BRICs. - Free Online ... Conversely, Huang et al. (1996) argued that oil futures returns were not correlated with U.S. stock market returns. Ciner (2001) provides evidence that oil shocks affected U.S. stock index returns, applying nonlinear causality tests, and that the linkage between oil prices and the stock market was stronger in …