Speculative Retail Trading and Asset Prices
Abstract
This paper examines the characteristics and pricing of stocks that are actively traded by speculative null investors. We find that stocks with high retail trading proportion (RTP) have strong lottery features and they attract null investors who are known to exhibit a strong propensity to gamble with stocks. High levels of RTP also reflect active trading by risk-seeking realization utility investors. Stocks whose trading are dominated by...
Paper Details
Title
Speculative Retail Trading and Asset Prices
Published Date
Jan 1, 2011
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