What Can Individual Investors Learn From Posting? Evidence From a Fintech Platform in China

ABSTRACT Using unique data from Ant Group, we examine how social interactions influence trading behaviour and whether posting enhances investment returns. We show that posting significantly boosts fund trading, including subscriptions and redemptions. We also demonstrate that posting‐driven trading facilitates social learning for investors. First, posting positively impacts investment returns. Second, while trading initially negatively affects returns, the impact is temporary and diminishes over time, suggesting that short‐term losses reflect learning costs. Finally, the negative effect of posting‐driven trading on returns is short‐lived, with long‐term returns improving as investors incorporate effective price signals gained through social learning.