Bamiatzi, V, Bozos, K and Lambertides, N (2016) Mapping the trading behavior of the middle class in emerging markets: Evidence from the Istanbul Stock Exchange. International Business Review, 25 (3). pp. 679-690. ISSN 0969-5931
Abstract
Predicted to grow above 4.9 billion by 2030, with an overall spending capacity of $56 trillion, the rise of the middle class in emerging markets has attracted global practitioner and academic attention. How this new wealth will be invested is a central question; yet our understanding still remains fragmented. Drawing on the literatures of international business, behavioral economics and finance and using high-frequency stock market data, we examine and map the trading behavior of the middle class in Turkey, one of the fastest rising economic powers of the East. We find that middle class traders exhibit discernible differences to professionals, with respect to risk attitudes and stock preferences (e.g. prefer lower-risk, smaller-size and 'value' stocks). In addition, while they typically hold small portfolios and tend to realize lower gains than professionals, their role has become considerably influential to the direction of the entire market.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2015 Elsevier Ltd. This is an author produced version of a paper published in International Business Review. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Emerging markets; High frequency data; Istanbul Stock Exchange; Middle class; Trading behavior |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 29 Sep 2015 08:48 |
Last Modified: | 03 Nov 2016 07:50 |
Published Version: | http://dx.doi.org/10.1016/j.ibusrev.2015.02.004 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.ibusrev.2015.02.004 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:87355 |