How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality

Pagano, Michael S.; Sedunov, John; Velthuis, Raisa

doi:10.1016/j.frl.2021.101946

Cited by 64 publications

(38 citation statements)

References 24 publications

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“…( Anginer et al, 2021 , Assaf et al, 2019 , Bai et al, 2012 , Barrazza et al, 2020 , Berger et al, 2008 , Boccuzzi and Lisa, R., 2017 , Cao‐Alvira and Núñez‐Torres, 2019 , Duan et al, 2021 , Forssbæck and Nielsen, 2016 , Giuliana, 2019 , Iqbal et al, 2021 , Kliesen, 2020 , Lembo Stolla, 2021 , Lutz et al, 2020 , Neuberg et al, 2018 , Nozawa and Qiu, 2021 , Pagano et al, 2021 , Pool and Mink, 2021 , Schäfer et al, 2016a , Schäfer et al, 2016b , Shleifer and Vishny, 1988 , van Thiel et al, 2021 , Wheelock, 2020 , Wheelock and Wilson, 2013 , Yin et al, 2021 , Atkins et al, , Bartlett and Morse, , Berger et al, , Chodorow-Reich et al, , Duchin and Hackney, , Levine et al, , Li and Strahan, , Levine et al, 2021 )…”

Section: Uncited Referencesmentioning

confidence: 99%

Banking research in the time of COVID-19

Berger

Demirgüç-Kunt

2021

Journal of Financial Stability

101

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Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has created some positive economic and financial surprises and opportunities for research. We highlight two such favorable surprises – the shortest U.S. recession on record and the avoidance of any banking crisis – and a number of research opportunities. We tie the “economic surprise” of the short recession to the speed and size of U.S. stimulus programs during COVID-19 – faster and larger than for the Global Financial Crisis (GFC). We connect the “financial surprise” of the resilient banking sector to prudential policies put in place during and after the GFC that fortified U.S. banks prior to COVID-19. These twin “surprises” are also mutually reinforcing – if either the economy or banking system had failed, so would the other. We also review extant COVID-19 banking research and suggest paths for future research. We recommend particular attention be paid to research outside of the U.S. – where fewer favorable “surprises” may be present – to best advance the knowledge.

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Section: Uncited Referencesmentioning

confidence: 99%

Banking research in the time of COVID-19

Berger

Demirgüç-Kunt

2021

Journal of Financial Stability

101

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“…Having considered the increased fluctuation and uncertainty in financial markets as a result of the COVID-19 pandemic in March 2020, we notice that retail investors reduced instant trade and increased contrary trade activity in the primary phase of this crisis [71]. We also notice that the influence of Robinhood investors on some market quality measures depended on the market conditions, suggesting better market quality during less tense periods and lower market quality in the course of the first weeks of the pandemic in the US.…”

Section: Real Estate Investment During Covid-19mentioning

confidence: 99%

Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field

et al. 2021

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Aspects of sustainable construction investment and real estate development (CIRED) and their interrelations during the period pre-, intra-, and post-COVID-19, are presented in the research. Applications of the topic model, environmental psychology theory, building life cycle method, and certain elements of bibliometrics, webometrics, article level metrics, altmetrics, and scientometrics make it possible to perform a quantitative analysis on CIRED. The CIRED topic model was developed in seven steps. This paper aims to present a literature review on CIRED throughout the pandemic and to look at the responses from the real estate and construction sector. This sector is a field that appears to be rapidly expanding, judging from the volume of current research papers. This review focuses on last year’s leading peer-reviewed journals. A combination of various keywords was applied for the review and the criteria for paper selections included construction investment, real estate development, civil engineering, COVID-19, and sustainability, as well as residential, industrial, commercial, land, and special purpose real estate, along with their risks, strategies, and trends. The articles reviewed for this paper, which analyzes three hypotheses, look at pre-, intra-, and post-pandemic CIRED. The three hypotheses were validated by analyzing scientific publications from around the world. Two innovative elements make this study stand out among the most advanced research on pre-, intra-, and post-pandemic CIRED. The first of the two innovations is the integrated analysis of the COVID-19 pandemic, COVID-19-related national policies, and business investment strategies relevant to CIRED and the interests of investors as well as on the impact a CIRED policy and investors make on the spread of COVID-19. In addition, this research demonstrates a marked increase in the effectiveness of a CIRED analysis, when the life cycle of a CIRED, the involved stakeholders with their own individual interests, the COVID-19 situation, and the external micro-, meso-, and macro-environments are covered comprehensively as a single entity.

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“…Ortmann et al (2020) established that investors raised their brokerage deposits and launched further accounts, whereas mean weekly trading intensity expanded by 13.9% as the number of cases duplicated. Moreover, Pagano et al (2021) proved that retail investors lessened momentum trading and heightened contrarian trading operations throughout the preliminary stage of this turning point, whilst Smales (2021) claimed that individual traders are more inclined to perform online explorations for facts to settle dwelling insecurity in the course of the corona crisis. On the contrary, Sun et al (2021) argued that coronavirus-associated reports and economic-related publications do not generate unreasonable investment judgments.…”

Section: Introductionmentioning

confidence: 99%

COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach

Gherghina

Armeanu

Joldeș

2021

JRFM

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This paper investigates the volatility of daily returns on the Romanian stock market between January 2020 and April 2021. Volatility is analyzed by means of the representative index for Bucharest Stock Exchange (BSE), namely, the Bucharest Exchange Trading (BET) index, along with twelve companies traded on BSE. The quantitative investigation was performed using GARCH approach. In the survey, the GARCH model (1,1) was applied to explore the volatility of the BET and BSE traded shares. Conditional volatility for the daily return series showed noticeable evidence of volatility that shifts over the explored period. In the first quarter of 2020, the Romanian equity market volatility increased to a level very close to that recorded during the global financial crisis of 2007–2009. Over the next two quarters, volatility had a downward trend. Besides, after VAR estimation, no causal connection was found among the COVID-19 variables and the BET index.

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How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality

Cited by 64 publications

References 24 publications

Banking research in the time of COVID-19

Banking research in the time of COVID-19

Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field

COVID-19 Pandemic and Romanian Stock Market Volatility: A GARCH Approach

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