Smart(Phone) Investing? A within Investor-time Analysis of New Technologies and Trading Behavior

Ankit Kalda, Benjamin Loos, Alessandro Previtero and Andreas Hackethal

No 28363, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: G11 G40 G50 (search for similar items in EconPapers)
Date: 2021-01
New Economics Papers: this item is included in nep-cwa and nep-pay
Note: AG CF
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