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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | The influence of upward social comparison on retail trading behaviour |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Scientific Reports |
| Publisher | Nature Publishing Group |
| Geographical Reach | international |
| ISSN | 2045-2322 |
| Volume | 13 |
| Number | 1 |
| Page Range | 22713 |
| Date | 2023 |
| Abstract Text | Online investing is often facilitated by digital platforms, where the information of peer top performers can be widely accessible and distributed. However, the influence of such information on retail investors’ psychology, their trading behaviour and potential risks they may be prone to is poorly understood. We investigate the impact of upward social comparison on risk-taking, trading activity and investor satisfaction using a tailored experiment with 807 experienced retail investors trading on a dynamically evolving simulated stock market, designed to systematically measure various facets of trading activity. We find that investors presented with an upward social comparison take more risk and trade more actively, and they report significantly lower satisfaction with their own performance. Our findings demonstrate the pitfalls of modern investment platforms with peer information and social trading. The broad implications of this study also provide guidelines for improving retail investor satisfaction and protection. |
| Free access at | DOI |
| Digital Object Identifier | 10.1038/s41598-023-49648-3 |
| Other Identification Number | merlin-id:24252 |
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