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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.Onepossibilityisthattheincreasedtradingcomovementamongindi
17、vidualinvestorsleadstoahighervolumeoffundflows,whichinturncouldresultingreaterliquiditycostsformutualfunds.Toinvestigatethetechnologyzsimpactonfundflows,Ifirstcompareadopterswithnonadoptersintermsoftheaggregateflowsaroundthetimeoftheappzsrelease.Ifindthattheabsolutevalueofaggregateflowsfromadoptersm
18、orethandoubles,andadoptersincrementalflowsaresignificantlyhigherthanthoseofnonadopters.Second,Iexplorethedifferencesintechnologyexposureacrossmutualfunds.Icreatethreeproxiesforsuchexposurebasedoninvestors7appadoptionrates,predeterminedinvestor-typecomposition,andpredeterminedgeographicdistributionof
19、investors.Myanalysisrevealsasignificantincreaseintheabsolutevalueoffundflowsaftertheap,srelease,andthisincreaseismorepronouncedinthemutualfundswithhightechnologyexposure.Thesefindingssuggestthattheapp,sreleasehasanamplifyingeffectonthevolumeofflowatthefundlevel.Tounderstandwhethertheincreaseinfundfl
20、owvolumeresultsinlowerfundperformance,IcomparefundswithdifferenttechnologyexposurelevelsintermsOfthechangeinabnormalreturnsaroundtheshock.Theanalysisrevealsthatthefundsavailableontheappexperienceasignificantdeclineinabnormalreturnsaftertheshock.Regardlessofthetechnologyexposuremeasures,thereductioni
21、nabnormalreturnsisparticularlypronouncedamongthehigh-exposurefunds,consistentwithacausalinterpretationofthefundperformanceeffect.Theconcurrentincreaseinfundflowvolumeanddecreaseinreturnssuggeststhattheheightenedliquiditycostsarisingfromincreasedappflowslikelycontributetothedeclineinfundperformance.T
22、ofurthersupporttheliquiditycostmechanism,Idocumentanegativeassociationbetweentheabsolutevalueoffundflowsandthefundreturnsduringthesubsequentweekinthepostshockperiod.Inaddition,thetreatmenteffectsofthetechnologyonfundreturnsbecomeweakeraftercontrollingfortheabsolutevalueofaggregatefundflowsintheprevi
23、ousweek,suggestingthattheheightenedvolumeoffundflowpartlyexplainsthedeteriorationinfundperformance.Overall,theseresultsareconsistentwiththeliquiditycostmechanism.6Thispapermakesseveralcontributionstotheliterature.First,itisthefirststudy,tomyknowledge,thatexaminestheimpactofsmartphonetradingtechnolog
24、yonmutualfunds.Evidenceonhowsmartphonetradingaffectssecuritypricesorfundperformanceremainsscarce,likelyduetodataconstraints.Thisstudyusesproprietarydatathatprovidesindividual-levelloginandtradingrecords,enablingmetoidentifythetradesofappusersandinvestigatetheaggregateeffectsofsmartphonetradingtechno
25、logyonthepricingofmutualfundshares.Also,theDIDdesignemployedinthisstudyallowsmetoconnectincreasedinvestorattentionandchangesintradingbehaviortothefundperformanceeffect.Second,thisstudyntributestotheliteratureonhowtechnologyaffectsinvestors7tradingbehavior.Priorstudieshavedocumentedthatinvestorstrade
26、morefrequentlyaftertransitioningfromtelephonetradingtoanInternetplatform(BarberandOdean2002,Choietal.2002).However,whatwelearnedabouttheshiftfromtelephonetoonlinetradingdoesnotnecessarilycarryovertosmartphonetrading.GiventhattheInternetalreadyprovideshigh-speedexecutionwithlowtradingcosts,itisunclea
27、rwhetherthemigrationfromPCstosmartphoneshasmarginaleffects(1.iaoetal.2021).Theresultsofthisstudysuggestthatthemigrationtosmartphonetradingsignificantlyaffectsinvestors/PgAJ4SaJSlq8=B.AwosnWUOSdJO1.E寸：EZIE寸ZoZIPjoNOeUOSGZOCZ一Z/二Z-Aq8JOSWJOJ=UIOPaPEO-UMOatradingbehaviorandamplifiesinvestorsresponsetos
28、hort-termmarkettrendsandfundreturns.SeveralrecentstudiesalsoaddressthebroadthemeofsmartphonetradingandFinTech.Welch(2022)focusesonthecollectivestockinvestmentofRobinhoodusersandfindstheseusersportfoliostilttowardhigh-volumestocksandlargefirms.Usingsimilardata,Barberetal.(2022)documenthowappnotificat
29、ions,suchasdisplayingyztopmovers/7affectinvestortradingdecisions.Additionally,Oziketal.(2021)documentanincreaseinretailtradingduringtheCOVID-19pandemiclockdown.Usingtransaction-leveldatazKaldaetal.(2021)showthatinvestorspurchasemoreIottery-Iikeassetsonsmartphonesthanonnonsmartphoneplatforms.Inantemp
30、oranusstudy,Hongetal.(2021)focusondigitalpaymenttechnologysspillovereffectonriskyinvestmentparticipation.D7Acuntoetal.(2021)studytheeffectofadoptingaFinTechappthatprovideshouseholdswithpeersspendinginformation.Incomparison,thisstudydepartsfromtheliteraturebyexamininghowsmartphonetradingtechnologyaff
31、ectsmutualfundinvestors7responsetomarketinformationandhowtheinvestorbehaviorchangesaffectmutualfundperformance.Also,thegranulardataandempiricalsettingusedinthisstudyenablemetoconductageographicvariationanalysistoshedlightoncausalinferences.Theremainderofthispaperisorganizedasfollows:Section2discusse
32、stheinstitutionalbackground;Section3detailstheresearchdesignandtheempiricalresultsonhowsmartphonetradingtechnologyaffectsinvestorbehavior;Section4analyzesthetechnologyseffectonfundflowandperformanceanditsimplicationsonindividualwealth;andSection5concludes.2. InstitutionalBackgroundandData2.1.Empiric
33、alSettingThisstudyfocusesonthemutualfundindustryandexploresthereleaseofasmartphonetradingappbyoneofthelargestmutualfundmanagementcompaniesinChina.ThemutualfundindustryinChinaoperatessimilarlytothatintheUnitedStates,withopen-endedinvestmentfundsthatareprofessionallymanagedandplfundsfromnumerousinvest
34、ors.Thefocalcompany,theAdvisor,managedmorethan300billionRMB(approximately$43billionUSD)inassetsbytheendof2017through65differentmutualfunds,includingequity,bond,hybrid,andmoneymarketfunds.About73%oftheholdingsinthesefundswerepurchasedthroughtheAdvisor,sdirectsalesplatform,whichallowsinvestorstotradet
35、hecompanysmutualfundsdirectlywithoutinvolvinganexternaldistributor.7ThesmartphonetradingappisanintegralpartoftheAdvisorsdirectsalesplatform,anditenablesinvestorstotradeallmutualfundsprovidedbytheAdvisor,butnootherassets,throughtheapp.8Thisappisdifferentfrommoregenerictradingappsprovidedbybrokeragefi
36、rmslikeRobinhoodbecauseitexclusivelyservesthemutualfundinvestorsoftheAdvisor,anditdoesnotprovideaccesstomutualfundsinotherfundfamiliesornonmutualfundassets.Beforethelaunchofthesmartphoneappzinvestorshadtwomethodstoaccessthedirectsalesplatform.Theprimarymethodinvolvesvisitingtheofficialwebsitethrough
37、anInternetbrowser,mostlythroughPCs.Similartothesmartphoneapp,theofficialwebsiteprovidesaccessexclusivelytothemutualfundsmanagedbytheAdvisorandnootherassets.Avisittothewebsiteallowsinvestorstotrademutualfundsharesandaccessinformationsuchasmarketupdates,fundprofiles,andfundperformance.Thesecondmethodi
38、sthroughawebbasedclientterminaldesignedforfeaturephones,whichinvestorsrarelyuseduetoitsslowandunstableconnection.Evenbeforethereleaseoftheapp,investorswidelyadoptedthedirectsalesplatform.Bytradingfundsharesthroughdirectsales,investorsincurlowertransactionfeesthanwhenusingexternaldistributionchannels
39、suchasbanksandsecuritiescompanies.Thismakesthedirectsaleschannelparticularlyattractivetoinvestorswhoaresensitivetotransactioncosts.9InSeptember2013ztheAdvisormadeamajorupgradetothedirectsalesplatformwiththelaunchofasmartphoneapp.However,tradingthroughtheofficialwebsiteremainedunchanged.Theappoffersc
40、omprehensiveservicesandisasignificantimprovementoverthewebbasedclientterminalinseveralways.First,theappisfasterandmorereliablethantheclientterminalasitworksintandemwithlocaldevicesratherthanrelyingonaremoteserver.Second,theapphasamoreintuitiveanduser-friendlyinterface,allowinguserstoconvenientlymoni
41、torportfolios,placeorders,andobtaininformation.Finally,theappstreamlineswiretransfersbetweentradingandbankaccounts,improvingefficiencyforinvestors.Thedesirablefeaturesoftheappquicklyenticedmanyinvestorstoadoptit.AsshowninFigure1,thegrowthinthenumberofactiveusers10ontheplatformsignificantlyaccelerate
42、dfollowingthelaunchofthesmartphoneapp.Withinthreemonthsofitsdebut,thenumberofactiveusersmorethantripled,primarilyduetotheexpansionofappusersafterthetechnologyshock.1,Theappandthewebsitehavemanysimilarities.Forexample,bothallowinvestorstotradeonlymutualfundsmanagedbytheAdvisorandtransfermoneyinandout
43、oftheinvestmentaccounts.Bothalsoprovideinformationsuchasassetbalances,portfolioperformance,transactionhistory,fundprofiles,andmarketperformance.However,therearetwokeydifferencesbetweentheappandthewebsite.First,theappprovidesmoreconvenientaccesstothedirectsalesplatform,allowinguserstoaccessinformatio
44、nandtrademutualfundsharesfromP2J2S3JSlqoc=BAIUOUSnWUOSJodJOH-EFEzlBwoJBqEnNanylocationcoveredbyamobilenetwork.Theconveniencemayaffectinvestorstradingbehaviorbyincreasinginvestorsattentiontofundinvestment.Second,theapppresentsinformationinadifferentformatthanthewebsiteduetothesmallerscreensofsmartpho
45、nes.Priorstudiesfindtheinformationpresentationformatmayaffectinvestors*behavior.Forinstance,DzAcuntoandRossi(2021)showdifferencesinthegraphicalfeaturesofinformationcanchangepeople,sinterpretationoftheinformationandmaybeinterpretedasrobo-advising.DzAcuntoetal.(2021)findgraphicsthatshowpeersanduserssp
46、endingcanaffectusersspendingdecisions.OnlineAppendixApresentsadetailedmparisonoftheinformationcontentanddisplayoftheappandthewebsite.Overall,theinformationcontentavailableontheappiscomparabletothatonthewebsite.Becauseofthesmallerscreensizeofsmartphones,theapptypicallyprovidesless-detailedinformation
47、oneachscreenandinsteadusesbuttonsthatdirectuserstoadditionalscreenswithmoreinformation.Theappmayalsousenotificationfunctionstodeliverinformation.12Thesedisparities,combinedwiththeconvenienceofaccessinginformationandtrading,couldcontributetobehaviorchangesofappadopters.Theintroductionofthesmartphoneappoffersanaturalempiricalsettingtostudytheimpactofsmartphonetradingtechnologyonbothinvestorbehaviorandmutualfun
