Individual investors' trading behavior in Moscow Exchange and the COVID-19 crisis.
COVID-19
Individual investor trading behavior
Moscow Stock Exchange
Negative bubbles
Journal
Journal of behavioral and experimental finance
ISSN: 2214-6350
Titre abrégé: J Behav Exp Finance
Pays: Netherlands
ID NLM: 101668718
Informations de publication
Date de publication:
Sep 2021
Sep 2021
Historique:
received:
14
03
2021
revised:
30
05
2021
accepted:
12
07
2021
entrez:
21
9
2021
pubmed:
22
9
2021
medline:
22
9
2021
Statut:
ppublish
Résumé
This article presents the first study of Russian individual investors' aggregate equity trading behavior using novel data from Moscow Exchange, with a focus on the COVID-19 episode. Aggregate Russian individual bought the dip during the COVID crash in March-April 2020. While this can be accounted for by their regular contrarian trading traits, they remained as net buyers until the market fully recovered, a sign of sophistication in striking contrast to views that characterized individual investors as noise traders. Our analysis suggests that this outcome was driven by a combination of regular contrarian traits and a unique positive shock to individual investor demand for equities, with weaker evidence of exploiting a negative bubble.
Identifiants
pubmed: 34545324
doi: 10.1016/j.jbef.2021.100549
pii: S2214-6350(21)00093-9
pmc: PMC8444951
doi:
Types de publication
Journal Article
Langues
eng
Pagination
100549Informations de copyright
© 2021 Elsevier B.V. All rights reserved.
Déclaration de conflit d'intérêts
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
Références
Financ Res Lett. 2020 Nov;37:101717
pubmed: 32837386