Using direct investor attention proxies, we show that constrained investors follow a pecking order in allocating attention. While retail investors are attentive to both macroeconomic news and individual firms' earnings announcements, macroeconomic news crowds out attention to earnings by 28.8%....

This study used data from the 2015 National Financial Capability Study to analyze the adoption of mobile payments by U.S. households. While 24% of respondents used mobile payments, the mean rate for those under age 25 was 11 times the rate for those 65 and older. State rates ranged from about 9%...