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Macedonian Small Investors’ Behavior Towards Stock Market

Author

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  • Julijana Angelovska

    (Faculty of Economics and Administrative Science, International Balkan University, Skopje, Macedonia)

Abstract

Convenience sample survey was fielded to the Macedonian individual stock market investors to find out whether their investment behavior can be explained by some underlying factors grounded in the behavioral approach to the study of financial markets. Descriptive statistics technique has been used to analyze the investors’ attitude about the market’s efficiency and to test different theories of behavioral finance. The results have indicated that investors are not completely rational individuals as supposed by theories of traditional finance. Also in the theoretical framework of behavioral finance Macedonian investors use heuristics, or rules of thumb, when judging information and forming beliefs, but Macedonian investors do not behave as suggested within prospect theory and regret aversion. JEL Classification: C12; G10; G11; 016

Suggested Citation

  • Julijana Angelovska, 2015. "Macedonian Small Investors’ Behavior Towards Stock Market," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 18(1), pages 51-60, May.
    • Handle: RePEc:zag:zirebs:v:18:y:2015:i:1:p:51-60
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    More about this item

    Keywords

    Investor Behavior; Individual Investors; Behavioral finance; Market Efficiency; Survey; Macedonian Stock Exchange;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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