We study the transmission of financial news and opinions through social interactions among retail investors in the United States. We identify a series of plausibly exogenous shocks, which cause “treated investors” to trade abnormally. We then trace the “contagion” of abnormal trading activity from the treated investors to their neighbors and their neighbors’ neighbors. Coupled with methodology drawn from epidemiology, our setting allows us to estimate the rate of communication and how it varies with the characteristics of the underlying investor population.

中文翻译：

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通讯速率

我们通过美国散户投资者之间的社交互动研究金融新闻和观点的传播。我们确定了一系列看似合理的外生冲击，导致“受过治疗的投资者”交易异常。然后，我们追踪异常交易活动从接受治疗的投资者到他们的邻居和邻居的邻居的“传染”。结合从流行病学中提取的方法，我们的设置使我们能够估计沟通率以及它如何随潜在投资者人群的特征而变化。