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Robinhood: Simple app simple stocks
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DOI：10.1016/j.frl.2026.110446.png)
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Abstract
En 中文
• Robinhood investors systematically favor firms with lower accounting and organizational complexity. • The negative complexity effect persists after controlling for firm size. • Investor attention attenuates the negative effect of accounting complexity on Robinhood investor participation. • Simple firms favored by Robinhood investors subsequently earn higher returns than complex firms. • Cognitive frictions help explain Robinhood investor portfolio decisions beyond traditional risk-return considerations.
Keywords:
Robinhood investor
Simple stocks
Accounting reporting complexity
Business segment complexity
Information processing
G12
G14
G50
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