Abstract The diminishing importance of retail investors and the institutionalization of markets are arguably a result of the general perception that individuals are not well informed and, hence, are better off using professional services (Davis, 2009). However, this paper provides evidence supporting the opposite. Using a global sample, we examine whether retail trading is informative around the world. Overall, retail investors are documented to enhance price efficiency by trading in the same direction as permanent price changes, contributing 24.8 % to price discovery, and accelerating the information from both scheduled and unscheduled news to be impounded into prices.

中文翻译：

---

零售交易对价格发现有影响吗？

摘要散户投资者的重要性下降和市场制度化可以说是人们普遍认为个人没有足够的信息，因此可以使用专业服务更好（Davis，2009）。但是，本文提供了相反的证据。使用全球样本，我们检查了零售贸易是否在全球范围内提供信息。总体而言，有文件记录表明，散户投资者可以通过与永久价格变化相同的方向进行交易来提高价格效率，为价格发现贡献24.8％，并加速将计划内和计划外新闻中的信息纳入价格。