Gideon Ozik|Ronnie Sadka|Siyi Shen
Flattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown
EDHEC Business School|Boston College|Chinese University of Hong Kong, Shenzhen
abstract article studies impact retail investors stock liquidity covid19 pandemic lockdown spring 2020 retail trading exhibits sharp increase especially among stocks high covid19related media coverage retail trading attenuated rise illiquidity roughly 40 less highmediaattention stocks causality addressed using staggered implementation stayathome advisory across us states results highlight ample free time access financial markets facilitated fintech innovations trading platforms significant determinants retailinvestor stock market participation