How Wise Are Crowds? Insights from Retail Orders and Stock Returns

We analyze the role of retail investors in stock pricing using a database uniquely suited for this purpose. The data allow us to address selection bias concerns and to separately examine aggressive (market) and passive (limit) orders. Both aggressive and passive net buying positively predict firms&#...

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Veröffentlicht in:	The Journal of finance (New York) 2013-06, Vol.68 (3), p.1229-1265
Hauptverfasser:	KELLEY, ERIC K., TETLOCK, PAUL C.
Format:	Artikel
Sprache:	eng
Schlagworte:	Aggressiveness Business orders Cash flow Coefficients Crowds Data analysis Earnings Investors Limit orders Liquidity Market efficiency Market orders Market prices News Predictability Pricing Pricing policies Rates of return Regression coefficients Retail trade Reversal Selection bias Stock prices Stock returns Stocks Studies
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