Do Retail Trades Move Markets

By Brad M. Barber, Terrance Odean, Ning Zhu. 2009

832 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/aa2b45061a05786fe10e07271d928e7ce8c26fe0

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Citations in the corpus

Limited attention and the earnings announcement returns of past stock market winners (2010, neutral): “32 Barber et al. (2009) argue that the introduction of share price decimalization in 2001 and the increased”
Retail Short Selling and Stock Prices (2016, background): “Using small trade buying imbalance as a proxy for net retail buying, Barber, Odean, and Zhu (2009) link persistent retail buying with negative subsequent stock returns.”
COVID-19 and investor behavior (2020, positive): “Considering that retail trades move stock prices in the direction of their trades (Barber et al., 2009; Burch et al., 2016; Han and Kumar, 2013) and in particular retail short selling has predictive ability for future (negative) stock returns (Kelley and Tetlock, 2016), it is, however, important to ”
Are Retail Traders Compensated for Providing Liquidity (2016, positive): “Although Barber, Odean, and Zhu (2009) interpret their results as evidence of noise trading, their findings are also consistent with individual investors providing liquidity to institutional investors.”
Investor sentiment and the MAX effect (2014, background): “While retail investors are often portrayed as prime examples of ‘‘noise traders’’ who are drawn to stocks with speculative features (Barber et al., 2009; Kumar 2009), changes in institutional stock ownership in the U.S. over the last few decades suggest that riskier stocks have found their way into…”
Forecasting Abnormal Stock Returns and Trading Volume Using Investor Sentiment: Evidence from Online Search ? (2011, background): “These beliefs are generally associated with individual retail investors (Lee et al., 1991; Barber et al., 2009a).”