Do Individual Investors Trade on Investment-Related Internet Postings?

• 成果类型: Article
• 署名作者: Ammann, Manuel; Schaub, Nic
• 署名单位: University of St Gallen; WHU - Otto Beisheim School of Management
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2020.3733
• 发表日期: 2021
• 页码: 5679-5702
• 关键词: internet postings; individual investors; Trading behavior; social trading; FinTech

摘要

Many people share investment ideas online. This study investigates whether individual investors trade on investment-related internet postings. We use unique data from a social trading platform that allow us to observe the shared portfolios of traders, their posted comments, and the replicating transactions of followers. We find robust evidence that followers increasingly replicate shared portfolios of traders after the posting of comments. However, postings do not help followers identify portfolios that deliver superior performance in the future. In a cross-sectional analysis, we show that it is mainly followers typically considered to be unsophisticated who trade after comment postings.