trading and stock prices. Using data from Robinhood, we find that Robinhood investors
engage in more attention‐induced trading than other retail investors. For example,
Robinhood outages disproportionately reduce trading in high‐attention stocks. While this
evidence is consistent with Robinhood attracting relatively inexperienced investors, we
show that it is also driven in part by the app's unique features. Consistent with models of …