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To See Is to Know: Simultaneous Display of Market Data for Retail Investors

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  • Hedi Benamar

Abstract

I test whether the display format of market data affects the trading performance and behavior of retail investors. To do so, I exploit a large brokerage dataset covering a period during which the market information provided to the broker’s customers changed in format, but not in content. I find that a simultaneous display of cross-stock market data reduces the cognitive cost of monitoring the market and thus helps investors obtain better execution prices. In particular, investors better mitigate non-execution and adverse-selection risks when trading with limit orders. Hence, the display format of market data matters for the individual investor.

Suggested Citation

  • Hedi Benamar, 2019. "To See Is to Know: Simultaneous Display of Market Data for Retail Investors," Review of Finance, European Finance Association, vol. 23(2), pages 397-437.
    • Handle: RePEc:oup:revfin:v:23:y:2019:i:2:p:397-437.
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    File URL: http://hdl.handle.net/10.1093/rof/rfy007
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    Cited by:

    1. Bellofatto, Anthony & Broihanne, Marie-Hélène & D'Hondt, Catherine, 2019. "Appetite for information and trading behavior," LIDAM Discussion Papers LFIN 2019002, Université catholique de Louvain, Louvain Finance (LFIN).

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    Keywords

    Market microstructure; Household finance;

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