MS-智能手机交易技术、投资者行为和共同基金表现（英）_市场营销策划_2024年市场报告-3月第4周.docx

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1、informsMANAGEMENTSCIENCEArticlesInAdvance,pp.1-20ISSN0025-1909(print),ISSN1526-5501(online)SmartphoneTradingTechnology,InvestorBehavior,andMutualFundPerformancePgAJ4SaJSlq8=B.AwosnWUOSdJO1.E寸：EZIE寸ZoZIPjoNOeUOSGZOCZ一Z/二Z-Aq8JOSWJOJ=UIOPaPEO-UMOaXiaoCenaaMaysBusinessSchl,TexasA&MUniversity,CollegeSta

2、tion,Texas77843Contact:xcenmays.tamu.edu,https:/orcid.org/0000-0003-3915-5889(XC)Keywords:smartphonetechnologyinvestmentmutualfundfintechinvestorbehaviorAbstract.Usingproprietaryindividual-leveltradingdataaroundanaturalexperimentthereleaseofasmartphonetradingappbyalargeinvestmentadvisorthisstudyinve

3、stigateshowsmartphonetradingtechnologyaffectsretailinvestorbehaviorandmutualfundperformance.Appadoptionbyretailinvestorsleadstoanincreaseininvestorattentionandtradingvolume.Appadoptersflowsbecomemoresensitivetoshort-termfundreturnsandmarketsentiment,resultinginhigheraggregateflowvolumeamongadopters.

4、Thefundsmoreexposedtotheshockexperienceagreaterdeclineinabnormalreturns,likelyattributabletohigherfundflowvolumeandliquiditycosts.Asaresult,bothadoptersandnonadoptersexperienceadeclineintheirmutualfundinvestmentreturns.History:Acceptedby1.inWilliamCong,finance.Funding:TheW.EdwardsDemingCenterandtheE

5、ugene1.angEntrepreneurshipCenteratColumbiaUniVerSityprovidedfundingtosupportthisresearch.SupplementalMaterial:Theonlineappendicesanddatafilesareavailableatmnsc.2021.02099.Received:June26,2021Revised:June21.2022;March28,2023Accepted:May29,2023PublishedOnlineinArticlesinAdvance:November28,2023Copyrigh

6、t:2023INFORMStheonehand,traditionalpersonalmputer(PC)tradingalreadyprovideshigh-speedexecutionWithlowtransactioncosts.TheincrementalcostreductionassociatedwithgoingmobilemaynotsignificantlyaffectinvestortradingdecisionsifthetradingappsprovidethesameinformationcontentasPCplatforms.Howzzgoingmobile,za

7、ffectsinvestortradingdecisionsandmutualfundperformanceisanopenquestion.OnOntheotherhand,theconvenientaccessandintuitiveinterfaceofthesmartphoneappsmayleadtoincreasedusageofatradingplatformandheightenedinvestorattention.Thisgreaterexposuretomarketinformationmayamplifytradingpatternsofmutualfundinvest

8、ors(e.g.,flowperformancesensitivity),whichcouldresultinhigherflowvolumeandliquiditycostsatthemutualfundlevel(Edelen1999zCovalandStafford2007).Toinvestigatetheeffectofsmartphonetradingoninvestorbehaviorandfundperformance,IexplorethereleaseofasmartphonetradingappbyoneofChinaslargestinvestmentadvisorsa

9、sashocktoinvestors/adoptionofsmartphonetradingtechnology.TheappprovidesinvestorswithamoreflexiblewaytoaccessmarketinformationandexecutetradesmparedwiththeexistingonlinetradingplatformforPCs.Istartbyusingadifference-in-differences(DID)frameworktocomparethebehaviorchangesofappadopters(investorswhoswit

10、chedfromPCtradingtotheapp)andmatchednonadopters(investorswhocontinuedtouseonlythetraditionalonlineplatform)followingthereleaseoftheapp.ThisapproachenablesmetoisolatePgAJ4SaJSlq8IW.AwoUsnWUOSJodJO工E寸：EZIE寸ZoZq2rt工OZcoSGZOCZIZ二Z-Aq=PUPEO-UMOatheincrementaleffectOfgoingmobilewhilecontrollingforinvestor

11、heterogeneityandsomekeytradingplatformfeatures(e.g.ztransactionfeesandexecutionspeeds).Myanalysisindicatesthatfollowingthereleaseoftheappzadoptersdemonstrateasignificantincreaseinattention,asmeasuredbythenumberofloginstothetradingplatform,aswellasintradingvolume,relativetononadopterswithsimilarprede

12、terminedcharacteristics.Interestingly,goingmobilealsoaffectsadopters/responsestoshort-termmarketsignals.Forexample,relativetononadoptersaftertheshock,theadoptersflowdisplayssignificantlyhighersensitivitytofundreturnsinthepreviousweek,whichhasnotbeenpreviouslydocumented.Additionally,adoptersflowsensi

13、tivitytomarketsentimentincreasescomparedwiththatofnonadopters.Furtheranalysesbasedonthecross-individualvariationinincrementalattentionsuggestthatincreasedinvestorattentionlikelycontributestotheobservedchangesintradingbehavior.Thepreviousanalysishasonecaveatinvestorsmayself-selectintoadoptingtheapp,l

14、eadingtoendogeneityconcerns.Toaddressthisissue,Iusethevariationintreatmentintensityaroundtheborderbetweentwoprovincesdifferentiallyexposedtothetechnologyshock.Thevariationinexposurearisesfromtheheterogeneityinmobilenetworkqualityandsmartphonepenetrationratesacrossprovinces.4Specifically,Icompareinve

15、storslivinginpairsofneighboringprefectures3thatshareaborderbutbelongtodifferentprovinceswithvaryingsmartphonepenetrationrates.Priortotheshock,theseinvestorshadsimilarobservablecharacteristics,exceptfortheexposuretothetechnologyshock.Aftertheshock,theseinvestorstradingbehaviordiverges,lendingsupportt

16、othecausalinterpretationoftheapp,simpactoninvestorattention,tradingvolumes,and(weekly)flowsensitivitytofundperformanceandmarketsentiment.Onenaturalquestioniswhetherthechangesininvestorbehaviorcanhaveasignificantimpactonthemutualfundsasawhole.Onepossibilityisthattheincreasedtradingcomovementamongindi

17、vidualinvestorsleadstoahighervolumeoffundflows,whichinturncouldresultingreaterliquiditycostsformutualfunds.Toinvestigatethetechnologyzsimpactonfundflows,Ifirstcompareadopterswithnonadoptersintermsoftheaggregateflowsaroundthetimeoftheappzsrelease.Ifindthattheabsolutevalueofaggregateflowsfromadoptersm

18、orethandoubles,andadoptersincrementalflowsaresignificantlyhigherthanthoseofnonadopters.Second,Iexplorethedifferencesintechnologyexposureacrossmutualfunds.Icreatethreeproxiesforsuchexposurebasedoninvestors7appadoptionrates,predeterminedinvestor-typecomposition,andpredeterminedgeographicdistributionof

19、investors.Myanalysisrevealsasignificantincreaseintheabsolutevalueoffundflowsaftertheap,srelease,andthisincreaseismorepronouncedinthemutualfundswithhightechnologyexposure.Thesefindingssuggestthattheapp,sreleasehasanamplifyingeffectonthevolumeofflowatthefundlevel.Tounderstandwhethertheincreaseinfundfl

20、owvolumeresultsinlowerfundperformance,IcomparefundswithdifferenttechnologyexposurelevelsintermsOfthechangeinabnormalreturnsaroundtheshock.Theanalysisrevealsthatthefundsavailableontheappexperienceasignificantdeclineinabnormalreturnsaftertheshock.Regardlessofthetechnologyexposuremeasures,thereductioni

21、nabnormalreturnsisparticularlypronouncedamongthehigh-exposurefunds,consistentwithacausalinterpretationofthefundperformanceeffect.Theconcurrentincreaseinfundflowvolumeanddecreaseinreturnssuggeststhattheheightenedliquiditycostsarisingfromincreasedappflowslikelycontributetothedeclineinfundperformance.T

22、ofurthersupporttheliquiditycostmechanism,Idocumentanegativeassociationbetweentheabsolutevalueoffundflowsandthefundreturnsduringthesubsequentweekinthepostshockperiod.Inaddition,thetreatmenteffectsofthetechnologyonfundreturnsbecomeweakeraftercontrollingfortheabsolutevalueofaggregatefundflowsintheprevi

23、ousweek,suggestingthattheheightenedvolumeoffundflowpartlyexplainsthedeteriorationinfundperformance.Overall,theseresultsareconsistentwiththeliquiditycostmechanism.6Thispapermakesseveralcontributionstotheliterature.First,itisthefirststudy,tomyknowledge,thatexaminestheimpactofsmartphonetradingtechnolog

24、yonmutualfunds.Evidenceonhowsmartphonetradingaffectssecuritypricesorfundperformanceremainsscarce,likelyduetodataconstraints.Thisstudyusesproprietarydatathatprovidesindividual-levelloginandtradingrecords,enablingmetoidentifythetradesofappusersandinvestigatetheaggregateeffectsofsmartphonetradingtechno

25、logyonthepricingofmutualfundshares.Also,theDIDdesignemployedinthisstudyallowsmetoconnectincreasedinvestorattentionandchangesintradingbehaviortothefundperformanceeffect.Second,thisstudyntributestotheliteratureonhowtechnologyaffectsinvestors7tradingbehavior.Priorstudieshavedocumentedthatinvestorstrade

26、morefrequentlyaftertransitioningfromtelephonetradingtoanInternetplatform(BarberandOdean2002,Choietal.2002).However,whatwelearnedabouttheshiftfromtelephonetoonlinetradingdoesnotnecessarilycarryovertosmartphonetrading.GiventhattheInternetalreadyprovideshigh-speedexecutionwithlowtradingcosts,itisunclea

27、rwhetherthemigrationfromPCstosmartphoneshasmarginaleffects(1.iaoetal.2021).Theresultsofthisstudysuggestthatthemigrationtosmartphonetradingsignificantlyaffectsinvestors/PgAJ4SaJSlq8=B.AwosnWUOSdJO1.E寸：EZIE寸ZoZIPjoNOeUOSGZOCZ一Z/二Z-Aq8JOSWJOJ=UIOPaPEO-UMOatradingbehaviorandamplifiesinvestorsresponsetos

28、hort-termmarkettrendsandfundreturns.SeveralrecentstudiesalsoaddressthebroadthemeofsmartphonetradingandFinTech.Welch(2022)focusesonthecollectivestockinvestmentofRobinhoodusersandfindstheseusersportfoliostilttowardhigh-volumestocksandlargefirms.Usingsimilardata,Barberetal.(2022)documenthowappnotificat

29、ions,suchasdisplayingyztopmovers/7affectinvestortradingdecisions.Additionally,Oziketal.(2021)documentanincreaseinretailtradingduringtheCOVID-19pandemiclockdown.Usingtransaction-leveldatazKaldaetal.(2021)showthatinvestorspurchasemoreIottery-Iikeassetsonsmartphonesthanonnonsmartphoneplatforms.Inantemp

30、oranusstudy,Hongetal.(2021)focusondigitalpaymenttechnologysspillovereffectonriskyinvestmentparticipation.D7Acuntoetal.(2021)studytheeffectofadoptingaFinTechappthatprovideshouseholdswithpeersspendinginformation.Incomparison,thisstudydepartsfromtheliteraturebyexamininghowsmartphonetradingtechnologyaff

31、ectsmutualfundinvestors7responsetomarketinformationandhowtheinvestorbehaviorchangesaffectmutualfundperformance.Also,thegranulardataandempiricalsettingusedinthisstudyenablemetoconductageographicvariationanalysistoshedlightoncausalinferences.Theremainderofthispaperisorganizedasfollows:Section2discusse

32、stheinstitutionalbackground;Section3detailstheresearchdesignandtheempiricalresultsonhowsmartphonetradingtechnologyaffectsinvestorbehavior;Section4analyzesthetechnologyseffectonfundflowandperformanceanditsimplicationsonindividualwealth;andSection5concludes.2. InstitutionalBackgroundandData2.1.Empiric

33、alSettingThisstudyfocusesonthemutualfundindustryandexploresthereleaseofasmartphonetradingappbyoneofthelargestmutualfundmanagementcompaniesinChina.ThemutualfundindustryinChinaoperatessimilarlytothatintheUnitedStates,withopen-endedinvestmentfundsthatareprofessionallymanagedandplfundsfromnumerousinvest

34、ors.Thefocalcompany,theAdvisor,managedmorethan300billionRMB(approximately$43billionUSD)inassetsbytheendof2017through65differentmutualfunds,includingequity,bond,hybrid,andmoneymarketfunds.About73%oftheholdingsinthesefundswerepurchasedthroughtheAdvisor,sdirectsalesplatform,whichallowsinvestorstotradet

35、hecompanysmutualfundsdirectlywithoutinvolvinganexternaldistributor.7ThesmartphonetradingappisanintegralpartoftheAdvisorsdirectsalesplatform,anditenablesinvestorstotradeallmutualfundsprovidedbytheAdvisor,butnootherassets,throughtheapp.8Thisappisdifferentfrommoregenerictradingappsprovidedbybrokeragefi

36、rmslikeRobinhoodbecauseitexclusivelyservesthemutualfundinvestorsoftheAdvisor,anditdoesnotprovideaccesstomutualfundsinotherfundfamiliesornonmutualfundassets.Beforethelaunchofthesmartphoneappzinvestorshadtwomethodstoaccessthedirectsalesplatform.Theprimarymethodinvolvesvisitingtheofficialwebsitethrough

37、anInternetbrowser,mostlythroughPCs.Similartothesmartphoneapp,theofficialwebsiteprovidesaccessexclusivelytothemutualfundsmanagedbytheAdvisorandnootherassets.Avisittothewebsiteallowsinvestorstotrademutualfundsharesandaccessinformationsuchasmarketupdates,fundprofiles,andfundperformance.Thesecondmethodi

38、sthroughawebbasedclientterminaldesignedforfeaturephones,whichinvestorsrarelyuseduetoitsslowandunstableconnection.Evenbeforethereleaseoftheapp,investorswidelyadoptedthedirectsalesplatform.Bytradingfundsharesthroughdirectsales,investorsincurlowertransactionfeesthanwhenusingexternaldistributionchannels

39、suchasbanksandsecuritiescompanies.Thismakesthedirectsaleschannelparticularlyattractivetoinvestorswhoaresensitivetotransactioncosts.9InSeptember2013ztheAdvisormadeamajorupgradetothedirectsalesplatformwiththelaunchofasmartphoneapp.However,tradingthroughtheofficialwebsiteremainedunchanged.Theappoffersc

40、omprehensiveservicesandisasignificantimprovementoverthewebbasedclientterminalinseveralways.First,theappisfasterandmorereliablethantheclientterminalasitworksintandemwithlocaldevicesratherthanrelyingonaremoteserver.Second,theapphasamoreintuitiveanduser-friendlyinterface,allowinguserstoconvenientlymoni

41、torportfolios,placeorders,andobtaininformation.Finally,theappstreamlineswiretransfersbetweentradingandbankaccounts,improvingefficiencyforinvestors.Thedesirablefeaturesoftheappquicklyenticedmanyinvestorstoadoptit.AsshowninFigure1,thegrowthinthenumberofactiveusers10ontheplatformsignificantlyaccelerate

42、dfollowingthelaunchofthesmartphoneapp.Withinthreemonthsofitsdebut,thenumberofactiveusersmorethantripled,primarilyduetotheexpansionofappusersafterthetechnologyshock.1,Theappandthewebsitehavemanysimilarities.Forexample,bothallowinvestorstotradeonlymutualfundsmanagedbytheAdvisorandtransfermoneyinandout

43、oftheinvestmentaccounts.Bothalsoprovideinformationsuchasassetbalances,portfolioperformance,transactionhistory,fundprofiles,andmarketperformance.However,therearetwokeydifferencesbetweentheappandthewebsite.First,theappprovidesmoreconvenientaccesstothedirectsalesplatform,allowinguserstoaccessinformatio

44、nandtrademutualfundsharesfromP2J2S3JSlqoc=BAIUOUSnWUOSJodJOH-EFEzlBwoJBqEnNanylocationcoveredbyamobilenetwork.Theconveniencemayaffectinvestorstradingbehaviorbyincreasinginvestorsattentiontofundinvestment.Second,theapppresentsinformationinadifferentformatthanthewebsiteduetothesmallerscreensofsmartpho

45、nes.Priorstudiesfindtheinformationpresentationformatmayaffectinvestors*behavior.Forinstance,DzAcuntoandRossi(2021)showdifferencesinthegraphicalfeaturesofinformationcanchangepeople,sinterpretationoftheinformationandmaybeinterpretedasrobo-advising.DzAcuntoetal.(2021)findgraphicsthatshowpeersanduserssp

46、endingcanaffectusersspendingdecisions.OnlineAppendixApresentsadetailedmparisonoftheinformationcontentanddisplayoftheappandthewebsite.Overall,theinformationcontentavailableontheappiscomparabletothatonthewebsite.Becauseofthesmallerscreensizeofsmartphones,theapptypicallyprovidesless-detailedinformation

47、oneachscreenandinsteadusesbuttonsthatdirectuserstoadditionalscreenswithmoreinformation.Theappmayalsousenotificationfunctionstodeliverinformation.12Thesedisparities,combinedwiththeconvenienceofaccessinginformationandtrading,couldcontributetobehaviorchangesofappadopters.Theintroductionofthesmartphoneappoffersanaturalempiricalsettingtostudytheimpactofsmartphonetradingtechnologyonbothinvestorbehaviorandmutualfun