Determinants of Private Investors’ Behavior on Russian Stock Market

IF 0.4 Q4 ECONOMICS
A. Abramov, A. Radygin, M. Chernova
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引用次数: 10

Abstract

The article explores behavior features of different group of private investors on the Moscow and Saint Petersburg stock exchanges. It was found that the change in the size of the biggest group of registered broker clients on Moscow Exchange depended heavily on growth of real income and key characteristics of passive forms of income, such as deposit rates, government bond returns and stock dividend yield. Active broker clients on the Moscow stock exchange mainly focused on more speculative factors, such as equity premium, equity volatility, foreign stocks’ returns and exchange rate. The growth of individual investment accounts depended on factors of both active and speculative forms of income. The quantity of broker clients on Saint-Petersburg Exchange relied on an even wider set of factors, which included not only risk and returns on national markets, but also characteristics of foreign assets and exchange rates. The two Russian exchanges are interrelated. The bond and equity premium growth makes the national market more attractive than foreign assets. The expansion of private investors on the stock market in Russia, which began in 2018, is explained not only by a search for other investment instruments apart from deposits, especially under the ongoing decline in interest rates, but also by a growing interest in individual investment accounts. The latter represent a positive example of state influence on people’s savings through tax policy. Another factor of the raise of private investments was the implementation of modern investment platforms and active promotion of broker services by major banks. The financial crisis which begun in March 2020can become a serious challenge for millions of private investors who had opened accounts in the previous two years
俄罗斯股市私人投资者行为的决定因素
本文探讨了莫斯科和圣彼得堡证券交易所不同群体的私人投资者的行为特征。研究发现,莫斯科交易所最大的注册经纪客户群体的规模变化在很大程度上取决于实际收入的增长和被动收入形式的关键特征,如存款利率、政府债券回报和股票股息收益率。莫斯科证券交易所活跃的经纪人客户主要关注更多的投机因素,如股票溢价、股票波动、外国股票的回报和汇率。个人投资账户的增长取决于积极和投机两种收入形式。圣彼得堡交易所的经纪人客户数量取决于更广泛的因素,不仅包括国内市场的风险和回报,还包括外国资产和汇率的特点。这两家俄罗斯交易所是相互关联的。债券和股票溢价的增长使得国内市场比外国资产更具吸引力。自2018年以来,俄罗斯股市上的私人投资者数量不断增加,这不仅是因为人们在寻找存款以外的其他投资工具,尤其是在利率持续下降的情况下,而且还因为人们对个人投资账户的兴趣日益浓厚。后者是国家通过税收政策影响人民储蓄的一个积极例子。民间投资增加的另一个因素是现代投资平台的实施和各大银行积极推广经纪业务。这场始于2020年3月的金融危机,可能会对过去两年开设账户的数百万私人投资者构成严峻挑战
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来源期刊
CiteScore
1.30
自引率
20.00%
发文量
0
期刊介绍: Ekonomicheskaya Politika is a broad-range economic journal devoted primarily to the study of the economic policy of present-day Russia as well as global economic problems. The subject matters of articles includes macroeconomic, fiscal, monetary, industrial, social, regulation and competition policyand more. The journal also publishes theoretical papers in such areas as political economy, general economic theory, welfare economics, law and economics,and institutional economics.. The character and the scope of economic problems studied in many publications require a multidisciplinary approach, consistent with the editorial policy of the journal. While the thematic scope of articles is generally related to Russia, the aim of editorial policy is to cover politico-economic processes in the modern world and international economic relations, as well. In addition, Ekonomicheskaya Politika publishes Russian translations of classical and significant modern works of foreign economists.
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