Fractional trading (FT)—the ability to trade less than a whole share—removes barriers to high-priced stocks and facilitates entry by capital-constrained retail investors. We observe a surge of tiny trades, measured using off-exchange one-share trades, among high-priced stocks compared to low-priced stocks after FT is introduced to the U.S. equity markets. These tiny trades, when coordinated during attention-grabbing events, are forceful enough to exert large price pressure on high-priced stocks. Further evidence suggests that FT can even fuel meme-stock-like trading frenzies and bubbles in high-priced stocks, for which the feedback effect likely plays a role. (JEL G10, G12, G14, G18, G32, G41)

中文翻译：

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分数交易

分数交易（FT）——交易少于整股的能力——消除了高价股票的壁垒，并方便资本有限的散户投资者进入。在 FT 引入美国股票市场后，我们观察到，与低价股票相比，高价股票的小额交易激增（使用场外一股交易衡量）。这些微小的交易如果在引人注目的事件中协调起来，就足以对高价股票施加巨大的价格压力。进一步的证据表明，《金融时报》甚至可以助长高价股票中类似模因股票的交易狂潮和泡沫，其中反馈效应可能发挥了作用。 (JEL G10、G12、G14、G18、G32、G41)