Fractional Trading
成果类型：
Article
署名作者：
Da, Zhi; Fang, Vivian W.; Lin, Wenwei
署名单位：
University of Notre Dame; Indiana University System; Indiana University Bloomington; European Corporate Governance Institute; The Chinese University of Hong Kong, Shenzhen
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/hhae012
发表日期：
2024
页码：
623
关键词：
摘要：
Fractional trading (FT)-the ability to trade less than a whole share-removes barriers to high-priced stocks and facilitates entry by capital-constrained retail investors. We observe a surge of tiny trades, measured using off-exchange one-share trades, among high-priced stocks compared to low-priced stocks after FT is introduced to the U.S. equity markets. These tiny trades, when coordinated during attention-grabbing events, are forceful enough to exert large price pressure on high-priced stocks. Further evidence suggests that FT can even fuel meme-stock-like trading frenzies and bubbles in high-priced stocks, for which the feedback effect likely plays a role. (JEL G10, G12, G14, G18, G32, G41)
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