Retail investors' demand drives speculative trading, but doesn't impact security prices.
Retail investors' interest in information affects their trading behavior in structured products. Stock-specific information demand influences speculative trading, while market-wide demand impacts order aggressiveness and uncertainty. Information supply leads to speculative long positions, but demand doesn't determine whether investors go long or short. Retail investors' trading is more influenced by market-wide demand than firm-specific demand, suggesting low informational efficiency in their activities.