Why are markets going crazy? Smartphones, one study suggests_老虎社区_美港股上老虎

Why are markets going crazy? Smartphones, one study suggests

marketwatch2021-02-01

Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity. Smartphones. A study circulated by the National Bureau ...

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川姐
·2021-02-02
Media
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Merlionel
·2021-02-01
Makes it much faster and convenient for retail traders
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Cuiluan
·2021-02-01
🐷
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Xavier1983
·2021-02-01
Nice
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Dandabeast
·2021-02-01
nice
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kk__soh
·2021-02-01
Hmm
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kkhuat
·2021-02-01
Smart money?
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TONGYK
·2021-02-01
Barrier of entry also going lower
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A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau ...\n\n<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">网页链接</a>\n\n</div>\n","source":"lsy1603348471595","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-01 10:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page>marketwatch</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau ...\n\n<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","article_id":"1142808214","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","pubTimestamp":1612147870,"columns":[],"sourceInfo":{"source_id":"lsy1603348471595","name":"MarketWatch"},"weMediaInfo":null,"summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"为什么市场会疯狂？一项研究显示，智能手机","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. 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Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":315933762,"gmtCreate":1612192751856,"gmtModify":1703758650749,"author":{"id":"3562625447621879","authorId":"3562625447621879","name":"Merlionel","avatar":"https://static.tigerbbs.com/2b45b3486f2bf4207b06b7904f291f42","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3562625447621879","idStr":"3562625447621879"},"htmlText":"Makes it much faster and convenient for retail traders","listText":"Makes it much faster and convenient for retail traders","text":"Makes it much faster and convenient for retail traders","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315933762","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312476325,"gmtCreate":1612179123367,"gmtModify":1703758343394,"author":{"id":"3572592153317675","authorId":"3572592153317675","name":"Cuiluan","avatar":"https://static.tigerbbs.com/6081fb4b5ab84dec716a63691ea6919b","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3572592153317675","idStr":"3572592153317675"},"htmlText":"🐷","listText":"🐷","text":"🐷","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312476325","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312227096,"gmtCreate":1612156462815,"gmtModify":1703758030407,"author":{"id":"3561249451704143","authorId":"3561249451704143","name":"Xavier1983","avatar":"https://static.tigerbbs.com/1c7857ba758b5018e89fd6755094ba4d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3561249451704143","idStr":"3561249451704143"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312227096","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312265699,"gmtCreate":1612154484611,"gmtModify":1703758014547,"author":{"id":"3574930003466678","authorId":"3574930003466678","name":"Dandabeast","avatar":"https://static.tigerbbs.com/7ade556084b64bae4e6d946f6d99c6bf","vip":1,"crmLevel":9,"crmLevelSwitch":0,"authorIdStr":"3574930003466678","idStr":"3574930003466678"},"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312265699","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312283907,"gmtCreate":1612152797409,"gmtModify":1703757994361,"author":{"id":"3564210269929975","authorId":"3564210269929975","name":"kk__soh","avatar":"https://static.tigerbbs.com/f54f0205e29fd09d7864877ae54901e3","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3564210269929975","idStr":"3564210269929975"},"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312283907","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312289654,"gmtCreate":1612152763278,"gmtModify":1703757993674,"author":{"id":"3572058798803024","authorId":"3572058798803024","name":"kkhuat","avatar":"https://static.tigerbbs.com/6fe57f853f58e51571850f49ab6998fb","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3572058798803024","idStr":"3572058798803024"},"htmlText":"Smart money?&nbsp;","listText":"Smart money?&nbsp;","text":"Smart money?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312289654","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":312235855,"gmtCreate":1612150767477,"gmtModify":1703757974353,"author":{"id":"3575158517410015","authorId":"3575158517410015","name":"TONGYK","avatar":"https://static.tigerbbs.com/28d37c90265e363b003f2fd49bc23a47","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3575158517410015","idStr":"3575158517410015"},"htmlText":"&nbsp;Barrier of entry also going lower&nbsp;","listText":"&nbsp;Barrier of entry also going lower&nbsp;","text":"Barrier of entry also going lower","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312235855","repostId":1142808214,"repostType":4,"repost":{"id":"1142808214","kind":"news","pubTimestamp":1612147870,"share":"https://www.laohu8.com/m/news/1142808214?lang=zh_CN&edition=full","pubTime":"2021-02-01 10:51","market":"us","language":"en","title":"Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142808214","media":"marketwatch","summary":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explana","content":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy are markets going crazy? Smartphones, one study suggests<blockquote>为什么市场会变得疯狂？一项研究表明，智能手机</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nmarketwatch2021-02-01 10:51\n\n</h4>\n</header>\n<article>\nLow interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.<blockquote>低利率？无聊的交易者被困在家里？一项新的研究为投机活动的激增提出了另一种解释。</blockquote> Smartphones.<blockquote>智能手机。</blockquote> A study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.<blockquote>美国国家经济研究局发布的一项研究发现，智能手机的使用增加了风险较高和彩票类资产的购买，并追逐过去的回报。</blockquote> It was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.<blockquote>这篇文章是在GameStopGME（+67.87%）和AMC EntertainmentAMC（+53.65%）等公司最近交易飙升之前撰写的，散户投资者攻击了许多对冲基金的空头头寸。在线经纪公司Robinhood现在是苹果app store上排名第一的应用程序，投机需求的来源Reddit排名第二。</blockquote> The researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.<blockquote>研究人员研究了2010年至2017年间推出移动设备交易应用程序的两家大型德国零售银行。对于超过15,000名客户，他们不仅观察了交易，还观察了每笔交易使用的特定平台。</blockquote> The researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.<blockquote>研究人员能够在同一个月观察同一个投资者。智能手机将购买所谓彩票股票的概率提高了67%。这些设备的使用将购买过去业绩前10%的资产的概率提高了12个百分点。</blockquote> Worryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.<blockquote>令人担忧的是，一旦他们开始使用智能手机，他们也增加了在非智能手机平台上追逐的风险。</blockquote> Another finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.<blockquote>另一个发现是，在首次使用智能手机应用程序后，危险行为会持续长达10个季度。同样令人吃惊的是，研究人员并没有关注特别年轻和缺乏经验的交易者——这些德国投资者平均年龄为45岁，拥有9年的投资经验。</blockquote> But one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.<blockquote>但一个有趣的发现是，轻推——经历过大幅波动的股票的显著特征——似乎并没有推动交易活动。所有资产类别的业绩都很强劲，而不仅仅是智能手机应用程序中的资产类别。</blockquote> The working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.<blockquote>该工作论文由印第安纳大学的Ankit Kalda和Alessandro Previtero、慕尼黑TUM管理学院的Benjamin Loos和法兰克福歌德大学的Andreas Hackethal撰写。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page\">marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/heres-another-explanation-for-the-surge-in-speculative-activity-smartphones-11611579511?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142808214","content_text":"Low interest rates? Bored traders stuck at home? A new study has come up with an alternative explanation for the surge in speculative activity.\nSmartphones.\nA study circulated by the National Bureau of Economic Research found the use of smartphones increases the purchase of riskier and lottery-type assets, and chasing past returns.\nIt was written before the recent spike in trading of companies such as GameStopGME,+67.87%and AMC EntertainmentAMC,+53.65%,in which retail investors have attacked the short positions of many hedge funds. The online brokerage Robinhood is now the number-one app on Apple’s app store, an the source of the speculative demand, Reddit, is number-two.\nThe researchers looked at two large German retail banks that introduced trading applications for mobile devices between 2010 and 2017. For over 15,000 clients, they observed not just the transactions but the specific platform used for each trade.\nThe researchers were able to look at the same investor during the same month. Smartphones increase the probability of buying so-called lottery stocks by 67%. The use of the devices increases the probability of buying assets in the top 10% of past performance by 12 percentage points.\nWorryingly, once they start using smartphones, they also increase their risk chasing on non-smartphone platforms.\nAnother finding is that the risky behavior continues up to 10 quarters after the initial use of the smartphone app. What is also startling is that the researchers weren’t looking at particularly young and inexperienced traders — these German investors were, on average, 45 years old with nine years of experience investing.\nBut one interesting finding is that nudges — the prominent feature of stocks that have experienced big moves — do not seem to drive activity. Results were strong across all asset classes and not just for those that are featured in the smartphone app.\nThe working paper was written by Ankit Kalda and Alessandro Previtero at Indiana University, Benjamin Loos at the TUM School of Management in Munich, and Andreas Hackethal at Goethe University Frankfurt.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":13,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}