We study the influence of financial innovation by fintech brokerages on individual investors’ trading and stock prices. Using data from Robinhood, we find that Robinhood investors engage in more attention-induced trading than other retail investors. For example, Robinhood outages disproportionately reduce trading in high-attention stocks. While this evidence is consistent with Robinhood attracting relatively inexperienced investors, we show that it is also driven in part by the app's unique features. Consistent with models of attention-induced trading, intense buying by Robinhood users forecasts negative returns. Average 20-day abnormal returns are −4.7% for the top stocks purchased each day.

中文翻译：

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注意力引发的交易和回报：来自 Robinhood 用户的证据

我们研究了金融科技经纪公司的金融创新对个人投资者交易和股票价格的影响。使用来自 Robinhood 的数据，我们发现 Robinhood 投资者比其他散户投资者参与更多的注意力诱导交易。例如，Robinhood 的中断不成比例地减少了高关注股票的交易。虽然这一证据与 Robinhood 吸引相对缺乏经验的投资者一致，但我们表明，这部分是由该应用程序的独特功能驱动的。与注意力诱导交易模型一致，Robinhood 用户的强烈购买预测负回报。每天购买的顶级股票的平均 20 天异常收益为 -4.7%。