I present closed-form solutions for prices, portfolios, and beliefs in a model where four types
of investors trade assets over time: naive investors who learn via a social network,“fanatics” …

This article studies the impact of retail investors on stock liquidity during the COVID-19
pandemic lockdown in spring 2020. Retail trading exhibits a sharp increase, especially …

Robinhood investors increased their holdings in the March 2020 COVID bear market,
indicating an absence of collective panic and margin calls. This steadfastness was rewarded …

We study brokerage platform outages to examine the impact of retail investors on financial
markets. We contrast outages at Robinhood, which caters to inexperienced investors, with …

We document a rapid increase in retail trading in options in the United States. Facilitated by
payment for order flow (PFOF) from wholesalers executing retail orders, retail trading …

We examine social media attention and sentiment from three major platforms: Twitter,
StockTwits, and Seeking Alpha. We find that, even after controlling for firm disclosures and …

The 2020 COVID-19 pandemic led to a large number of studies in household finance, using
new high-frequency data in close to real time. In this article, we survey household behavior …

We placed 85,000 retail trades in six retail brokerage accounts from December 2021 to June
2022 to validate the Boehmer et al. algorithm, which uses subpenny trade prices to identify …

We find evidence of selective exposure to confirmatory information among 400,000 users on
the investor social network StockTwits. Self-described bulls are five times more likely to …

This study applies a bibliometric analysis of documents published in the Scopus database
on meme stocks to identify the basics of this field and to determine the main findings of …