This study uses an attention-based view (ABV) to investigate how advertising investment influences stock returns. The advertising expenditures can not only create the intangible investment but also to catch the attention of investors. In these empirical results, first, the advertising investment can engage the investor's attention to create the positive stock return. Secondly, the cross-listing firms from emerging countries and high-tech cross-listing firms bring the positive performance. Finally, cross-listing firms from emerging countries and high-tech cross-listing firms with more advertising expenditures own the positive impact on stock return. In particular, the high-tech cross-listing firms from the emerging countries have the positive stock return through advertising investments. For the managerial implication, the manager should increase advertising investments to build intangible assets and attract the attention of investors since less asymmetric information.