This paper examines the equity market reaction to consumer sentiment in the context of the sentiment index issued by the Melbourne Institute of Applied Economics and Social Research. Unlike the Michigan index in the US, which is announced in phases, this index is announced once per month, which...

We investigate the role of retail traders in comovement in return and liquidity. We use the Robinhood data to compute a proxy of retail trading activity. Our results show that retail trading activity is associated with a decrease in both comovements in return and liquidity. The effects on...

We investigate the role of retail traders in comovement in return and liquidity. We use the Robinhood data to compute a proxy of retail trading activity. Results show that retail trading activity is associated with a decrease in both comovements in return and liquidity. The effects on comovement...

This study investigates whether the relation between macro-level fund flow and market returns varies between the retail and institutional fund management markets. We find evidence of a contemporaneous relation between flow and market return for retail funds and also find evidence to support the...