The Wisdom of the Robinhood Crowd

• 成果类型: Article
• 署名作者: Welch, Ivo
• 署名单位: University of California System; University of California Los Angeles
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13128
• 发表日期: 2022
• 页码: 1489-1527
• 关键词: INVESTOR ATTENTION; cross-section; STOCK; performance; underreaction; OWNERSHIP; BEHAVIOR; breadth; search; ORDERS

摘要

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 in the subsequent bull market. Despite unusual interest in some experience stocks (e.g., cannabis stocks), they tilted primarily toward stocks with high past share volume and dollar-trading volume (themselves mostly big stocks). From mid-2018 to mid-2020, an aggregated crowd consensus portfolio (a proxy for the household-equal-weighted portfolio) had both good timing and good alpha.