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Testimony Before the Committee on Financial Services, US House of Representatives

Hearing on “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide”

Jennifer J. Schulp, Director of Financial Regulation Studies Center for Monetary and Financial Alternatives, Cato Institute

February 18, 2021

In her testimony Ms. Schulp cites our paper on retail trading during pandemic lockdowns to ( to argue that, "(t)he fact that retail investors behave differently from institutional ones, and sometimes behave differently from each other—far from being a bad thing—can be particularly valuable in times of market stress. Where institutional liquidity dries up, for example, retail trading can help to lower bid-ask spreads and dampen the price impact of trades".

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