Search symbols, trading performance, and investor participation

Yin-Siang Huang, Hui-Ching Chuang, Iftekhar Hasan and Chih-Yung Lin

International Review of Economics & Finance, 2024, vol. 92, issue C, 380-393

Abstract: We investigate the relationships among search symbols, trading performance, and investor participation. We use two specific datasets from Google Trends’ search volume index. The search volume by number ticker significantly predicts high returns and high investor participation when applied by active retail investors investing in large firms. This does not hold true for less active retail investors who use Chinese company name tickers as their search terms. Our results indicate that the heuristic usage of number tickers to search for company information helps active retail investors to obtain better trading performance compared with less active retail investors who use Chinese company name tickers.

Keywords: Search volume index; Retail investors; Heuristic behavior; Stock return; Investor participation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:92:y:2024:i:c:p:380-393

DOI: 10.1016/j.iref.2024.02.035

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