In financial markets, investment options are relatively fixed but may occasionally change as new securities (tickers) are introduced to the markets. Theory on exploratory behavior suggests that when new tickers are introduced, the text completion decision aid (autocomplete) can facilitate diversion of market participants from their initially intended ticker to the newly introduced ticker. We analyze whether such diversions have an economic impact in terms of transaction loss. Consistent with our hypothesis, we provide evidence that upon ticker introduction, turnover of securities that are syntactically similar to a newly introduced security is significantly reduced by 3%–5% around the starting day of trade of the new security. Autocomplete appears to have a significant economic effect on market transactions.

在金融市场中，投资选择相对固定，但可能会随着新证券（股票代码）引入市场而偶尔发生变化。探索行为理论表明，当引入新的代码时，文本完成决策辅助（自动完成）可以促进市场参与者从最初打算使用的代码转移到新引入的代码。我们分析此类转移是否对交易损失产生经济影响。与我们的假设一致，我们提供的证据表明，在股票代码引入后，与新引入的证券在句法上相似的证券的营业额在新证券的交易起始日左右显着降低了 3%–5%。自动完成似乎对市场交易具有显着的经济影响。