We document a rapid increase in retail trading in options in the United States. Facilitated by
payment for order flow (PFOF) from wholesalers executing retail orders, retail trading …

The paper documents important differences in payment for order flow (PFOF), spreads, and
price improvement across asset classes. In stocks we show that PFOF is small. While many …

Our study investigates the implications of trading in options that expire on the same day-so-
called 0DTE options-through the lens of retail investors. Almost the entire growth of trading …

The recent surge in retail option trading has sparked concerns about gambling and
significant losses. We show that these concerns may be exaggerated using a novel trader …

We examine the link between retail trading in options and the volatility of the underlying
assets. Using Robinhood's introduction of options as a shock to retail trading, we confirm …

I examine stock discussions from real-time (synchronous) group chats on Discord and
compare them with forum-style (asynchronous) postings on Reddit's WallStreetBets …

We study the role of financial product complexity in retail investor trading. We find retail
trading in complex options surged with the introduction of zero-commissions, and these …

We characterize the behavior of individual retail traders in futures markets using newly
available data on overnight positions and required margins. Individual participants typically …

On-Chain options refer to option contracts, traded directly on a decentralized exchange on
the Ethereum blockchain. We report a novel set of stylized facts about the functioning of this …

The capital asset pricing model (CAPM), Arbitrage Pricing Theory (APT), and Fama &
French's three-factor model (FF3F) all assume a positive linear risk-return relationship …