Robinhood, Reddit, and the news: The impact of traditional and social media on retail investor trading
研究了社交媒体帖子和新闻文章对Robinhood平台散户交易的影响，发现两者都会短暂增加持股人数，但社交媒体的影响更大，且投资者会买入Reddit推荐的股票，却对新闻内容反向操作。
We study the impact of social media posts and news articles on retail trading on Robinhood by analyzing the net buying activity before and after a (social) media publication. Our findings indicate that both publication types lead to an increase of holders. However, both effects are short-lived, and the effect of social media posts on retail trading is significantly higher. Furthermore, investors buy stocks that are recommended on Reddit regardless of text sentiment. However, they act as contrarians by selling stocks with positive news coverage and vice versa. We thus find evidence for both attention- and information-driven trading behavior.