Finfluencers and the retail trade
Retail investors are a large topic in the finance journals, but only 8 of 139 recent papers on them carry a social-media keyword, and "finfluencers" appears on just 2. Do the trades that follow a finance influencer's post earn anything, and who profits from the audience?
What prompted this#
Since October 2025, 139 papers carry a retail- or individual-investor keyword (109 in finance journals, 13 in accounting). Only 8 of them also carry a social-media, influencer, Reddit, Twitter, YouTube or TikTok keyword, and "finfluencers" appears on 2 papers. "Social media" itself appears on 115 papers, most of them in AI and management journals, where it is studied as text rather than as a source of trades.
Questions#
- After a popular finance influencer recommends a stock, how much retail order flow follows, and do the followers earn or lose money over the next weeks?
- Do influencers who are paid by brokers or issuers recommend worse stocks than those who are not?
- Did disclosure rules for paid promotion, now in force in several countries, change what influencers post and how markets react?
Data that could help#
Timestamped posts from TikTok, YouTube and X with view counts, retail order flow proxies such as off-exchange trades, and stock returns.
Next step#
Collect the posts of 50 finance influencers for one year, match the stocks they mention to retail trading volume and returns, and compare paid and unpaid posts.