Using 2010-2019 stock-level data in US, we examine whether and how retail investors trade on environmental, social, and government (ESG) information. Although retail investors trade more on ESG disclosed stocks than no-disclosed stocks, ESG disclosure information does not help retail investors...

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...

Robot investment assistants (RIAs), equipped at various investment platforms, are designed to help individual investors with investment decisions by providing information and advices. Using account level data between 2020 and 2021 from the largest investment platform in China, we examine the...