Smart(phone) investing? A within investor-time analysis of new technologies and trading behavior

  • Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier and lottery-type assets and chasing past returns. After the adoption of smartphones, investors do not substitute trades across platforms and buy also riskier, lottery-type, and hot investments on other platforms. Using smartphones to trade specific assets or during specific hours contributes to explain our results. Digital nudges and the device screen size do not mechanically drive our results. Smartphone effects are not transitory.

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Metadaten
Author:Ankit Kalda, Benjamin Loos, Alessandro Previtero, Andreas HackethalORCiDGND
URN:urn:nbn:de:hebis:30:3-573958
DOI:https://doi.org/10.2139/ssrn.3765652
Parent Title (English):SAFE working paper ; No. 303
Series (Serial Number):SAFE working paper (303)
Publisher:SAFE
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2021
Year of first Publication:2021
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2021/02/09
Tag:financial risk-taking; fintech; investment biases; investor behavior; lottery-type assets; spillover effects; trend chasing
Issue:January 2021
Page Number:59
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF)
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universit├Ątspublikationen
Licence (German):License LogoDeutsches Urheberrecht