We study the effect of retail investor attention on odd lot trading. We observe that increases in abnormal Google search volume predict odd-lot trading. Importantly, this relationship is share price-sensitive: For stocks priced below $11, an increase in abnormal search volume leads to less odd lot trading. For stocks priced above $46, on the other hand, an increase in abnormal search volume leads to more odd lot trading. For a stock priced at $78 – the mean share price in our sample – a one standard deviation increase of abnormal search volume increases the average share of odd lot trading by 10 basis points. This effect is even stronger for more expensive stocks. Our results are consistent with attention-induced trading when investors face wealth constraints and are robust to alternative channels including news and institutional investor attention.

我们研究散户投资者注意对零碎手交易的影响。我们观察到，异常Google搜索量的增加预示着奇数交易。重要的是，这种关系是对股价敏感的：对于价格低于11美元的股票，异常搜索量的增加会导致较少的手数交易。另一方面，对于价格高于46美元的股票，异常搜索量的增加导致更多奇数手交易。对于定价为78美元（即样本中的平均股价）的股票，异常搜索量的一个标准差增加将使奇数手交易的平均份额增加10个基点。对于更昂贵的股票，这种影响甚至更大。