Social media attention and retail investor behavior: Evidence from r/wallstreetbets

Pairs r/wallstreetbets attention with individual trading data to measure the community's effect on retail investors. WSB attention spurs uninformed trading and risk-taking: positions opened when WSB attention peaks realize −8.5% holding-period returns while the average across all investments is positive. Investor decisions appear driven more by emotional responses to angry and disgusted posts than by analyst advice.