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Kalda, Ankit
Loos, Benjamin
Previtero, Alessandro
Hackethal, Andreas
Year of Publication: 
Series/Report no.: 
SAFE Working Paper No. 303
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier and lottery-type assets and chasing past returns. After the adoption of smartphones, investors do not substitute trades across platforms and buy also riskier, lottery-type, and hot investments on other platforms. Using smartphones to trade specific assets or during specific hours contributes to explain our results. Digital nudges and the device screen size do not mechanically drive our results. Smartphone effects are not transitory
investor behavior
financial risk-taking
lottery-type assets
investment biases
trend chasing
spillover effects
Document Type: 
Working Paper

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