作者：Welch, Ivo
作者单位：University of California System; University of California Los Angeles
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-e...
作者：Liu, Yukun; Matthies, Ben
作者单位：University of Rochester; University of Notre Dame
摘要：This paper documents the existence of a persistent component in consumption growth. We take a novel approach using news coverage to capture investor concern about economic growth prospects. We provide evidence that consumption growth is highly predictable over long horizons-our measure explains between 23% and 38% of cumulative future consumption growth at the five-year horizon and beyond. Furthermore, we show a strong connection between this predictability and asset prices. Innovations to our...
