We provide an easy method to identify purchases and sales initiated by retail investors using recent, widely available U.S. equity transactions data. Individual stocks with net buying by retail investors outperform stocks with negative imbalances by approximately 10 basis points over the...

Using 2020-2021 data from social media platform Reddit, we examine connections among stockprices, retail trading, short-selling and social media activity. Higher Reddit traffic, more positivetone, and higher Reddit connectedness predict higher returns, greater and more positive retail orderflow,...

Using the BJZZ (2021) subpenny transaction price algorithm, we identify a broad swath of marketable retail investor orders in the U.S. market between January 2020 and June 2021. During the pandemic period, the retail trading volume we identify increases from 10% of total market volume to about...

We provide a model of closed-end fund pricing which includes investors who do not form expectations correctly and allows for salient country-specific news to affect this expectation formation process. We use panel data on prices and net asset values of closed- end country funds to examine...

We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money %uF818 by reallocating across different mutual funds, retail investors reduce their wealth in the...

We use mutual fund flows as a measure for individual investor sentiment for different stocks, and find that high sentiment predicts low future returns at long horizons. Fund flows are dumb money -- by reallocating across different mutual funds, retail investors reduce their wealth in the long...