Do Individual Investors Trade on Investment-Related Internet Postings?
利用社交交易平台数据，研究发现个人投资者在帖子发布后更频繁地复制他人投资组合，但帖子并未帮助他们识别未来表现更优的组合，且主要是非专业投资者受此影响。
Many people share investment ideas online. This study investigates whether individual investors trade on investment-related internet postings. We use unique data from a social trading platform that allow us to observe the shared portfolios of traders, their posted comments, and the replicating transactions of followers. We find robust evidence that followers increasingly replicate shared portfolios of traders after the posting of comments. However, postings do not help followers identify portfolios that deliver superior performance in the future. In a cross-sectional analysis, we show that it is mainly followers typically considered to be unsophisticated who trade after comment postings. This paper was accepted by Tyler Shumway, finance.