• 文献检索
  • 文档翻译
  • 深度研究
  • 学术资讯
  • Suppr Zotero 插件Zotero 插件
  • 邀请有礼
  • 套餐&价格
  • 历史记录
应用&插件
Suppr Zotero 插件Zotero 插件浏览器插件Mac 客户端Windows 客户端微信小程序
定价
高级版会员购买积分包购买API积分包
服务
文献检索文档翻译深度研究API 文档MCP 服务
关于我们
关于 Suppr公司介绍联系我们用户协议隐私条款
关注我们

Suppr 超能文献

核心技术专利：CN118964589B侵权必究
粤ICP备2023148730 号-1Suppr @ 2026

文献检索

告别复杂PubMed语法，用中文像聊天一样搜索，搜遍4000万医学文献。AI智能推荐，让科研检索更轻松。

立即免费搜索

文件翻译

保留排版，准确专业，支持PDF/Word/PPT等文件格式，支持 12+语言互译。

免费翻译文档

深度研究

AI帮你快速写综述，25分钟生成高质量综述，智能提取关键信息，辅助科研写作。

立即免费体验

散户交易会破坏金融市场的稳定吗？围绕新冠疫情的一项调查。

Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic.

作者信息

Baig Ahmed S, Blau Benjamin M, Butt Hassan A, Yasin Awaid

机构信息

Department of Finance, College of Business and Economics, Boise State University, Boise, ID 83725, United States.

Department of Economics and Finance, Jon M. Huntsman School of Business, Utah State University, Logan, UT 84322, United States.

出版信息

J Bank Financ. 2022 Nov;144:106627. doi: 10.1016/j.jbankfin.2022.106627. Epub 2022 Jul 30.

DOI:10.1016/j.jbankfin.2022.106627
PMID:35959423
原文链接:https://pmc.ncbi.nlm.nih.gov/articles/PMC9355410/
Abstract

Existing research suggests that retail trading is associated with volatility in financial markets. To extend the literature, we study the dynamic effects of retail trading on volatility during the COVID-19 pandemic. Using marketable retail trades identified from the Boehmer et al. (2021) algorithm and novel empirical methods discussed in Jordá (2005), we document a negative, persistent impact of retail trading on the stability of stock prices that is particularly stronger during the pandemic than during the pre-pandemic period. These results highlight how periods of crises - like the pandemic - affect the destabilizing influence of retail trading. To provide additional evidence, we replicate our empirical exercise during the 2008-09 financial crisis. Consistent with the COVID-19 period, we again find that retail trading leads to more volatility during the financial crisis vis-á-vis the pre-crisis period. These results again support the idea that periods of crises strengthen the link between retail trading and volatility.

摘要

现有研究表明，散户交易与金融市场的波动性相关。为了拓展相关文献，我们研究了新冠疫情期间散户交易对波动性的动态影响。利用从 Boehmer 等人（2021 年）算法中识别出的可交易散户交易以及 Jordá（2005 年）中讨论的新实证方法，我们记录了散户交易对股价稳定性产生的负面且持续的影响，这种影响在疫情期间比疫情前时期尤为强烈。这些结果凸显了像疫情这样的危机时期如何影响散户交易的破坏稳定作用。为了提供更多证据，我们在 2008 - 2009 年金融危机期间重复了我们的实证分析。与新冠疫情时期一致，我们再次发现，与危机前时期相比，散户交易在金融危机期间导致了更多的波动性。这些结果再次支持了危机时期会加强散户交易与波动性之间联系这一观点。

https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/2164f65d8a48/gr12_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/78b8089ab6dd/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/e2a1db24030c/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/40ab3bbd489f/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/3a3cb78cf4db/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/bcfffafd93b8/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/f44f16c7def1/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/6c6a46a93f82/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/0231e3d7f12b/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/132804feeee1/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/31e1213e3ff9/gr10_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/a164a9b596c7/gr11_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/2164f65d8a48/gr12_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/78b8089ab6dd/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/e2a1db24030c/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/40ab3bbd489f/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/3a3cb78cf4db/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/bcfffafd93b8/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/f44f16c7def1/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/6c6a46a93f82/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/0231e3d7f12b/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/132804feeee1/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/31e1213e3ff9/gr10_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/a164a9b596c7/gr11_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1467/9355410/2164f65d8a48/gr12_lrg.jpg

相似文献

1
Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic.散户交易会破坏金融市场的稳定吗？围绕新冠疫情的一项调查。
J Bank Financ. 2022 Nov;144:106627. doi: 10.1016/j.jbankfin.2022.106627. Epub 2022 Jul 30.
2
Reprint of: Do retail traders destabilize financial markets? An investigation surrounding the COVID-19 pandemic.重印：散户交易者会扰乱金融市场吗？围绕新冠疫情的一项调查。
J Bank Financ. 2023 Feb;147:106744. doi: 10.1016/j.jbankfin.2022.106744. Epub 2022 Dec 18.
3
Volatility in metallic resources prices in COVID-19 and financial Crises-2008: Evidence from global market.2008年新冠疫情和金融危机期间金属资源价格的波动：来自全球市场的证据
Resour Policy. 2022 Sep;78:102927. doi: 10.1016/j.resourpol.2022.102927. Epub 2022 Aug 4.
4
The effect of COVID-19 pandemic on return-volume and return-volatility relationships in cryptocurrency markets.新冠疫情对加密货币市场交易量与回报波动率关系的影响。
Chaos Solitons Fractals. 2022 Sep;162:112443. doi: 10.1016/j.chaos.2022.112443. Epub 2022 Jul 14.
5
Complex network analysis of volatility spillovers between global financial indicators and G20 stock markets.全球金融指标与二十国集团（G20）股票市场之间波动溢出效应的复杂网络分析
Empir Econ. 2023;64(4):1517-1537. doi: 10.1007/s00181-022-02290-w. Epub 2022 Sep 10.
6
The source of financial contagion and spillovers: An evaluation of the covid-19 pandemic and the global financial crisis.金融传染和溢出的根源：对新冠疫情和全球金融危机的评估。
PLoS One. 2022 Jan 14;17(1):e0261835. doi: 10.1371/journal.pone.0261835. eCollection 2022.
7
Effects of investor sentiment on stock volatility: new evidences from multi-source data in China's green stock markets.投资者情绪对股票波动性的影响：来自中国绿色股票市场多源数据的新证据
Financ Innov. 2022;8(1):77. doi: 10.1186/s40854-022-00381-2. Epub 2022 Aug 23.
8
Financial volatility trading using a self-organising neural-fuzzy semantic network and option straddle-based approach.基于自组织神经模糊语义网络和期权跨式策略的金融波动率交易。
Expert Syst Appl. 2011 May;38(5):4668-4688. doi: 10.1016/j.eswa.2010.07.116. Epub 2010 Aug 20.
9
How do equity markets react to COVID-19? Evidence from emerging and developed countries.股票市场如何应对新冠疫情？来自新兴国家和发达国家的证据。
J Econ Bus. 2021 May-Jun;115:105966. doi: 10.1016/j.jeconbus.2020.105966. Epub 2020 Dec 3.
10
Understanding market functionality and trading success.理解市场功能和交易成功。
PLoS One. 2019 Aug 21;14(8):e0219606. doi: 10.1371/journal.pone.0219606. eCollection 2019.

本文引用的文献

1
COVID-19, volatility dynamics, and sentiment trading.新冠病毒疾病、波动动态与情绪交易。
J Bank Financ. 2021 Dec;133:106162. doi: 10.1016/j.jbankfin.2021.106162. Epub 2021 May 1.
2
Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic.死亡、恐慌、封锁与美国股票市场：以新冠疫情为例。
Financ Res Lett. 2021 Jan;38:101701. doi: 10.1016/j.frl.2020.101701. Epub 2020 Jul 25.
3
COVID-19 and the United States financial markets' volatility.新冠疫情与美国金融市场的波动。
Financ Res Lett. 2021 Jan;38:101699. doi: 10.1016/j.frl.2020.101699. Epub 2020 Jul 25.
4
COVID-19 and the march 2020 stock market crash. Evidence from S&P1500.2019冠状病毒病与2020年3月股市崩盘。标准普尔1500指数的证据。
Financ Res Lett. 2021 Jan;38:101690. doi: 10.1016/j.frl.2020.101690. Epub 2020 Jul 9.