Working papers

Extreme Views on Reddit: Information or Noise (2024)

This paper studies the intensity of fanatic activity on r/wallstreetbets (WSB), a Reddit forum, and its relationship to price informativeness and the information components driving return variance. By introducing a novel measure, Extreme Views (EV), I quantify fanatic attention to NYSE and NASDAQ stocks from 2018 to 2023. The findings show that increased exposure to posts with fanatic language on WSB is significantly associated with a higher share of variance attributed to public information and a reduced noise component. Although the negative impact on price informativeness is sporadic, the results suggest that investors using social media for information should be cautious of fanatic investment advice, as the prices of stocks popular among fanatics tend to be less informative about future fundamentals.

Large Traders in Segmented Markets (2025)

This paper examines how large strategic investors affect price informativeness and generate spillovers across markets, a key concern for financial regulators. I develop a static two-period model with two correlated assets and heterogeneous investors, differing both in size and investment opportunities. The model yields novel insights into how imperfect competition affects price informativeness and trading behavior in segmented markets. An application to green bonds and carbon futures highlights implications for market participants and policymakers, with relevance for supporting the green transition.

Master’s thesis

Forecasting Realized Variance: A Comparison between HAR and ARFIMA models (2021)