Attention Triggers and Retail Investors' Risk Taking

Item Type Conference or Workshop Item (Paper)
Abstract

This paper investigates the impact of attention triggers on individual investors' trading behavior. We analyze a large sample of trading records from a brokerage service that sends push messages on stocks to retail investors. This micro-level data allows us to isolate the push messages as individual stock-attention triggers. We exploit a difference-in-differences setting to investigate the impact of these attention triggers on individual trading. Our analysis highlights how attention affects investors' trading intensity, risk taking, and short selling. We provide cross-sectional analyses to identify which investors and stocks are most affected by push messages.

Authors Arnold, Marc; Subrahmanyam, Marti & Pelster, Matthias
Language English
Subjects finance
HSG Classification contribution to scientific community
Date January 2019
Depositing User Prof. Dr. Marc Arnold
Date Deposited 09 Dec 2019 14:01
Last Modified 09 Dec 2019 14:01
URI: https://www.alexandria.unisg.ch/publications/258614

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Citation

Arnold, Marc; Subrahmanyam, Marti & Pelster, Matthias: Attention Triggers and Retail Investors' Risk Taking. 2019.

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https://www.alexandria.unisg.ch/id/eprint/258614
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