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Finally, we establish a causal relationship between WSB activity and financial markets using an instrumental variable approach. The proposed model and simulations show that social contagion has a destabilizing effect on markets. Leveraging these findings, we develop a model for how social contagion impacts prices. Sentiments about future stock performance also spread from one individual to the next, net of any fundamental price movements. We show that asset discussions on WSB are self-perpetuating: an initial set of investors attracts a larger and larger group of excited followers. This paper finds empirical evidence of psychological contagion among retail investors by exploiting differences in stock price fluctuations and discussion intensity. We use the dataset of discussions on WallStreetBets (WSB), an online investor forum with over nine million followers as of April 2021, to show how excitement about trading opportunities can ripple through an investor community with large market impacts. This paper develops an empirical and theoretical case for how 'hype' among retail investors can drive large asset fluctuations.

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