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Retail trader sophistication and stock market quality: Evidence from brokerage outages
16 references·16 citing·40 second hopsampled
Retail trader sophistication and stock market quality: Evidence from brokerage outages (2022)Retail trader sophistication and stock ma…Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media (2014)Wisdom of Crowds: The Value o…Does Algorithmic Trading Improve Liquidity? (2011)Does Algorithmic Trading Impr…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Equity Portfolio Diversification (2008)Equity Portfolio Diversificat…Financial Literacy and Stock Market Participation (2007)Financial Literacy and Stock …Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Estimating Standard Errors in…Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)Boys will be Boys: Gender, Ov…Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)Trading Is Hazardous to Your …Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment (1998)Boys Will Be Boys: Gender, Ov…Trading Volume and Serial Correlation in Stock Returns (1993)Trading Volume and Serial Cor…Noise Trader Risk in Financial Markets (1990)Noise Trader Risk in Financia…Liquidity and Market Structure (1988)Liquidity and Market StructureContinuous Auctions and Insider Trading (1985)Continuous Auctions and Insid…Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Bid, ask and transaction pric…Optimal dealer pricing under transactions and return uncertainty (1981)Optimal dealer pricing under …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The social signal (2024)The social signalRetail Trading and Return Predictability in China (2024)Retail Trading and Return Pre…The role of ESG ranking in retail and institutional investors' attention and trading behavior (2023)The role of ESG ranking in re…Retail Trading in Options and the Rise of the Big Three Wholesalers (2023)Retail Trading in Options and…Place Your Bets? The Value of Investment Research on Reddit’s Wallstreetbets (2023)Place Your Bets? The Value of…Active attention, retail investor base, and stock returns (2023)Active attention, retail inve…Understanding Investor Interaction with Firm Information: A Discussion of Lee and Zhong (2022) (2022)Understanding Investor Intera…Echo Chambers (2022)Echo Chambers“I just like the stock”: The role of Reddit sentiment in the GameStop share rally (2022)“I just like the stock”: The …Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks (2021)Uncovering Retail Trading in …The Rise of Reddit: How Social Media Affects Retail Investors and Short-sellers’ Roles in Price Discovery (2021)The Rise of Reddit: How Socia…Resolving a Paradox: Retail Trades Positively Predict Returns but Are Not Profitable (2021)Resolving a Paradox: Retail T…Place Your Bets? The Market Consequences of Investment Research on Reddit's Wallstreetbets (2021)Place Your Bets? The Market C…Flattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown (2021)Flattening the Illiquidity Cu…"I Just Like the Stock" versus "Fear and Loathing on Main Street" : The Role of Reddit Sentiment in the GameStop Short Squeeze (2021)"I Just Like the Stock" versu…Social Interactions and Lottery Stock Mania (2019)Social Interactions and Lotte…Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Market Liquidity and Funding Liquidity (2008)The General Theory of Employment, Interest and Money. (1936)The Behavior of Stock-Market Prices (1965)The Limits of Arbitrage (1995)Investor Sentiment and the Cross‐Section of Stock Returns (2006)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Inferring Trade Direction from Intraday Data (1991)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Low-Latency Trading (2011)The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response (2013)High-Frequency Trading and Price Discovery (2014)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (2012)Corporate Immunity to the COVID-19 Pandemic (2020)Trusting the Stock Market (2005)Household Finance (2006)Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth (2007)Financial literacy around the world: an overview (2011)Financial Literacy, Financial Education, and Downstream Financial Behaviors (2014)The Economic Importance of Financial Literacy: Theory and Evidence (2014)Common risk factors in the returns on stocks and bonds (1993)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)On Persistence in Mutual Fund Performance (1997)Investor Psychology and Asset Pricing (2001)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Judgment under Uncertainty: Heuristics and Biases (1975)Gender Differences in Preferences (2009)Women in the boardroom and their impact on governance and performance☆ (2009)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)
this work references cited by second hop· second hop is a sample of the most-cited connections

References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1985Continuous Auctions and Insider Trading9,626 cited
  • 1990Noise Trader Risk in Financial Markets6,259 cited
  • 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders6,132 cited
  • 2001Boys will be Boys: Gender, Overconfidence, and Common Stock Investment5,215 cited
  • 2000Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors3,953 cited
  • 2007Financial Literacy and Stock Market Participation3,545 cited
  • 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches2,559 cited
  • 2011Does Algorithmic Trading Improve Liquidity?1,680 cited
  • 1993Trading Volume and Serial Correlation in Stock Returns1,560 cited
  • 1988Liquidity and Market Structure1,532 cited
  • 1981Optimal dealer pricing under transactions and return uncertainty1,391 cited
  • 2014Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media1,249 cited
  • 2008Equity Portfolio Diversification1,221 cited

Only edges whose both ends are imported exist here. Widen the year window, or show the whole map. Back to the work

  • 1998Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment1,190 cited
  • Cited by

    • 2021Flattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown228 cited
    • 2022Echo Chambers201 cited
    • 2023Retail Trading in Options and the Rise of the Big Three Wholesalers160 cited
    • 2024The social signal141 cited
    • 2024Retail Trading and Return Predictability in China121 cited
    • 2022“I just like the stock”: The role of Reddit sentiment in the GameStop share rally88 cited
    • 2021Resolving a Paradox: Retail Trades Positively Predict Returns but Are Not Profitable67 cited
    • 2023The role of ESG ranking in retail and institutional investors' attention and trading behavior58 cited
    • 2023Place Your Bets? The Value of Investment Research on Reddit’s Wallstreetbets50 cited
    • 2021The Rise of Reddit: How Social Media Affects Retail Investors and Short-sellers’ Roles in Price Discovery50 cited
    • 2022Understanding Investor Interaction with Firm Information: A Discussion of Lee and Zhong (2022)46 cited
    • 2021"I Just Like the Stock" versus "Fear and Loathing on Main Street" : The Role of Reddit Sentiment in the GameStop Short Squeeze39 cited
    • 2023Active attention, retail investor base, and stock returns37 cited
    • 2021Place Your Bets? The Market Consequences of Investment Research on Reddit's Wallstreetbets36 cited
    • 2019Social Interactions and Lottery Stock Mania34 cited
    • 2021Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks33 cited