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The effect of investor's behavioral biases on trading volume of g7 and brics capital markets
(İstanbul Ticaret Üniversitesi, 2019) Alshalabi, Lamis; Çankaya, Serkan
This study aims to test the effect of investor's behavioral biases on trading volume in G7 and BRICS countries stock markets. A linear regression model is used to test the relationship between trading volume and the rational expectations, overconfidence, excessive optimism, and excessive pessimism. We found that there are certain similarities and differences among developed and developing capital markets. Our analysis revealed that the rationality hypothesis can be rejected for all the markets except Germany. The Italian and Russian markets show no influence of investor's biases on trading volume. We found that six of the markets have the similar behavioral characteristics. Excessive optimism and excessive pessimism have a significant effect on trading volume in Canada, France, United Kingdom, United States, Brazil and South Africa.