Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 391

The DOI matches its Crossref record; 50 of the 50 references it cites were found in a registry or an index.

Small Trades and the Cross-Section of Stock Returns

Open access
Hvidkjaer, Soeren·2008·Review of Financial Studies
DOI 10.1093/rfs/hhn049
Open this paper in CoChat — free account

Abstract

This paper uses volume arising from small trades to analyze the effect of retail investor trading behavior on the cross-section of stock returns. The central finding is that stocks with intense sell-initiated small-trade volume, measured over the past several months, outperform stocks with intense buy-initiated small-trade volume. This return difference accrues from the first month after the portfolio formation up to two years later. Among small and medium-sized firms, the return difference continues in the third year. The results suggest that stocks favored by retail investors become overvalued and subsequently experience prolonged underperformance relative to stocks out of favor with retail investors.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1093/rfs/hhn049

Cites

50 of 50 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 50 references

Cited by

See all 391

Metadata

Authors
Hvidkjaer, S.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2008-05
Volume
21
Issue
3
Pages
1123-1151
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhn049
OpenAlex
W2041562263
Cited by
391
References
50
FWCI
43.74
Type
journal article
Language
en
Open access
green

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Small Trades and the Cross-Section of Stock Returns. https://app.cochat.ai/papers/10.1093/rfs/hhn049
The paper
Hvidkjaer, S. (2008). Small Trades and the Cross-Section of Stock Returns. Review of Financial Studies. https://doi.org/10.1093/rfs/hhn049

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.