Flattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown
نویسندگان
چکیده
Abstract This article studies the impact of retail investors on stock liquidity during COVID-19 pandemic lockdown in spring 2020. Retail trading exhibits a sharp increase, especially among stocks with high COVID-19–related media coverage. attenuated rise illiquidity by roughly 40% but less so for high-media-attention stocks. Causality is addressed using staggered implementation stay-at-home advisory across U.S. states. The results highlight that ample free time and access to financial markets facilitated fintech innovations platforms are significant determinants retail-investor market participation.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2021
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109021000387