Recent research in behavioral econ actually supports that a lower price on the ticker leads to more retail investor buy-in. I forget who, but it was a Yale professor who wrote a paper on this in the 2010s -- she gave a talk at D.E. Shaw back when I was an undergrad visiting for a summer program.

I guess all I want to say is that it's more nuanced than 'obvious' and is probably an active debate right now for economists, but I wouldn't know more exact details.