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Mapping the trading behavior of the middle class in emerging markets: evidence from the Istanbul Stock Exchange
journal contribution
posted on 2023-06-09, 19:25 authored by Vasiliki BamiatziVasiliki Bamiatzi, Konstantinos Bozos, Neophytos LambertidesPredicted 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.
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Publication status
- Published
File Version
- Accepted version
Journal
International Business ReviewISSN
0969-5931Publisher
ElsevierExternal DOI
Issue
3Volume
25Page range
679-690Department affiliated with
- Business and Management Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2019-10-22First Open Access (FOA) Date
2019-10-28First Compliant Deposit (FCD) Date
2019-10-28Usage metrics
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