When do retail investors pay attention to their trading platforms?

David Y. Aharon, Mahmoud Qadan

Research output: Contribution to journalArticlepeer-review


Buying and selling securities through online trading platforms has become increasingly popular among U.S. households in recent years. This study tracks U.S. households' attention to their online trading platforms using daily data for 2004 to August 2017. The analysis covers the 10 most popular online trading platforms among U.S. investors. The findings indicate that market shocks, captured by several proxies, as well as macroeconomic announcements attract investors' attention to trading platforms. We also document that the ostrich effect weakens when considering greater changes in the VIX. Our findings do not support the avoidance of information theory, but do support the theoretical argument that risk-averse agents engage in more information gathering when uncertainty prevails in hopes of reducing their risks.

Original languageEnglish
Article number101209
JournalNorth American Journal of Economics and Finance
StatePublished - Jul 2020

Bibliographical note

Publisher Copyright:
© 2020 Elsevier Inc.


  • Investor attention
  • Online trading
  • Trading platforms

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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