The Value of Registered Investment Advisors during the COVID-19 Financial Market Crash - Evidence from 13F and Twitter

22 Pages Posted: 16 Feb 2021 Last revised: 3 Apr 2021

See all articles by Yuanshan Cheng

Yuanshan Cheng

Winthrop University

Tao Guo

William Paterson University

Janine Sam

Shepherd University

Philip Gibson

Winthrop University

Date Written: February 12, 2021

Abstract

The ongoing public health crisis associated with the COVID-19 pandemic has had a significant impact on business activities, government at large, financial markets, and individual households. This study is the first to our knowledge that seeks to examine the 2020 financial market crisis using manually downloaded data, which combined 13F filing with ADV forms with tweets from Registered Investment Advisors. We find that even during extremely negative return days, financial advisors communicate frequently and positively with their clients. Clients working with financial advisors tend to sell less and buy more during a market downturn as compared with self-discretionary clients.

Keywords: COVID-19; Financial Market; Registered Investment Advisors

JEL Classification: G11, G01

Suggested Citation

Cheng, Yuanshan and Guo, Tao and Sam, Janine and Gibson, Philip, The Value of Registered Investment Advisors during the COVID-19 Financial Market Crash - Evidence from 13F and Twitter (February 12, 2021). Available at SSRN: https://ssrn.com/abstract=3784666 or http://dx.doi.org/10.2139/ssrn.3784666

Yuanshan Cheng (Contact Author)

Winthrop University ( email )

304 Thurmond Bldg.
Rock Hill, SC 29773
United States

Tao Guo

William Paterson University ( email )

1600 Valley Road
Wayne, NJ 07470
United States

Janine Sam

Shepherd University ( email )

301 N. King St.
Shepherdstown, WV 25443
United States

Philip Gibson

Winthrop University ( email )

Rock Hill, SC 29733-0001
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
168
Abstract Views
654
rank
210,311
PlumX Metrics