What Can Individual Investors Learn From Posting? Evidence From a Fintech Platform in China
利用蚂蚁集团的独特数据，研究发帖如何影响基金交易行为，发现发帖能提升投资回报，且短期交易损失反映学习成本，长期回报因社会学习而改善。
ABSTRACT Using unique data from Ant Group, we examine how social interactions influence trading behaviour and whether posting enhances investment returns. We show that posting significantly boosts fund trading, including subscriptions and redemptions. We also demonstrate that posting‐driven trading facilitates social learning for investors. First, posting positively impacts investment returns. Second, while trading initially negatively affects returns, the impact is temporary and diminishes over time, suggesting that short‐term losses reflect learning costs. Finally, the negative effect of posting‐driven trading on returns is short‐lived, with long‐term returns improving as investors incorporate effective price signals gained through social learning.