This paper studies the influence of Reddit social media attention on investor risk-taking and welfare using individual trading data from a large trading platform. We show that attention generated on the subreddit r/wallstreetbets (WSB) spurs uninformed trading, also in short positions. WSB attention increases overall risk levels as investors trade riskier stocks and allocate larger portfolio shares to new positions. WSB attention significantly reduces holding period returns (HPRs). Positions created when WSB attention is at its highest realize −8.5% HPRs, while the average HPR across all investments is positive. Investment decisions of retail investors are more likely to be based on emotional responses to angry and disgusted user contributions on Reddit rather than analyst investment advice.

中文翻译：

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社交媒体关注度与散户投资者行为：来自 r/wallstreetbets 的证据


本文使用来自大型交易平台的个人交易数据研究 Reddit 社交媒体关注对投资者风险承担和福利的影响。我们表明，在 subreddit r/wallstreetbets （WSB） 上产生的关注会刺激不知情的交易，包括空头头寸。随着投资者交易风险较高的股票并将更大的投资组合份额分配给新头寸，WSB 的关注会增加整体风险水平。WSB 关注会显著降低持有期回报 （HPR）。在 WSB 关注度最高时创建的头寸实现 -8.5% 的 HPR，而所有投资的平均 HPR 为正。散户投资者的投资决策更有可能基于对 Reddit 上用户愤怒和厌恶的贡献的情绪反应，而不是分析师的投资建议。