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OverviewSocial-media-fueled retail trading poses new risk to institutional investors. This paper examines the origin and pricing of this new risk. I first present stylized facts on prices, quantities, and retail investors' beliefs for a set of meme stocks. I establish that aggregate fluctuations in retail sentiment originated from a growing and concentrated social network. The retail sentiment fluctuations induced changes in investor composition. As sentiment increased throughout 2020 and 2021, retail investors built up long positions, while price- sensitive long-only institutions have gradually exited the market since early 2020. Short interest stayed high in 2020, but dropped sharply following the price surge in January 2021 and remained low for the rest of the year. Full Product DetailsAuthor: Li T'IenPublisher: Danish Publishers Imprint: Danish Publishers Dimensions: Width: 15.20cm , Height: 0.40cm , Length: 22.90cm Weight: 0.118kg ISBN: 9786186452703ISBN 10: 6186452700 Pages: 78 Publication Date: 16 January 2024 Audience: General/trade , General Format: Paperback Publisher's Status: Active Availability: Temporarily unavailable  The supplier advises that this item is temporarily unavailable. It will be ordered for you and placed on backorder. Once it does come back in stock, we will ship it out to you. Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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