The Impact of COVID-19 on the Relation Between Retail Investors' Trading and Stock Returns in the Chinese Market
Tao Bing ()
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Tao Bing: School of Finance, Capital University of Economics and Business, China
Asian Economics Letters, 2021, vol. 2, issue 1, 1-7
This paper investigates the relation between retail investorsâ€™ flows and returns during the COVID-19 pandemic in the Chinese market using the VAR model. The results show that though the positive feedback trading during the pandemic is weaker than that in the pre-COVID-19 period, the positive feedback trading following negative returns during the crisis is much stronger than that in the pre-COVID-19 period. This implies panic trading.
Keywords: chinese stock market; positive feedback trading; retail investors; covid-19 (search for similar items in EconPapers)
JEL-codes: G15 I1 (search for similar items in EconPapers)
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