---
title: Do Chinese Retail and Institutional Investors Trade on Anomalies?
url: https://www.ml-quant.com/papers/ssrn/5112567/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 5112567
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5112567
featured: 2025-02-05
citations: 0
topic: Asset Pricing & Factors
---


# Do Chinese Retail and Institutional Investors Trade on Anomalies?

The study shows that retail investors in China trade against anomaly prescriptions, while institutions trade in line with anomalies, influenced by lottery stock preference and return extrapolation.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5112567
- Identifier: SSRN 5112567
- Released: 2025-01-27
- First featured: Quant Letter No. 84 (2025-02-05): https://www.ml-quant.com/issues/2025-02-05/
- Citations (Semantic Scholar): 0
- Published in: not yet
- Topic: Asset Pricing & Factors

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