Attention allocation and return comovement when trading on smartphones: evidence from China

Zhuolei Li, Xundi Diao and Chongfeng Wu

Applied Economics, 2024, vol. 56, issue 25, 3011-3031

Abstract: This paper investigates the impact of smartphone trading on investor attention allocation. We find a positive connection between smartphone trading ratio and return comovement. Smartphone traders relatively pay less attention to firm-specific information and more to information at the market level than computer-based traders. The impact of smartphone trading is positively correlated to the Internet searching level but negatively correlated to social media discussion intensity and analyst following. We also show that market boom and crush would increase the effect of smartphone trading on attention allocation.

Date: 2024
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DOI: 10.1080/00036846.2023.2203897

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