D' Arienzo, DanieleFreire, Francisco Rosa Faria Mendonça2024-09-022024-09-022023-01-242022-12-16http://hdl.handle.net/10362/171020This paper analyses how retail investors of Robinhood rearranged their portfolios across industries because of Covid-19, and what factors influenced their investment decisions. The analysis includes stock liquidity, historical beta, information display on Robinhood, and large one-day price movements to understand the changes in industry allocation. Retail investors, compared to a value-weighted portfolio, underinvested in industries with increasing market value following the Covid-19 Dow Jones crash, and overinvested in those with decreasing market value. A preference for high liquidity and low Price/Earnings-ratio stocks explains above 20% of the change in industry allocation, except in the Energy and Consumer Discretionary industries.engRetail investorsCovid-19IndustryAttention-induced tradingRobinhoodmaster thesis203312040