Please use this identifier to cite or link to this item: http://ktisis.cut.ac.cy/handle/10488/9221
Title: Mapping the trading behavior of the middle class in emerging markets: Evidence from the Istanbul Stock Exchange
Authors: Bamiatzi, Vassiliki Vicky 
Bozos, Konstantinos 
Lambertides, Neophytos 
Keywords: Emerging markets
High frequency data
Istanbul Stock Exchange
Middle class
Trading behavior
Issue Date: 1-Jun-2016
Publisher: Elsevier Ltd
Source: International Business Review, 2016, Volume 25, Issue 3, Pages 679-690
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.
URI: http://ktisis.cut.ac.cy/handle/10488/9221
ISSN: 09695931
Rights: © 2015 Elsevier Ltd.
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