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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.Onepossibilityisthattheincreasedtradingcomovementamongindividualinvestorsleadstoahighervolumeoffundflows,whichinturncouldresultingreaterliquidityco
