Mapping the trading behavior of the middle class in emerging markets: Evidence from the Istanbul Stock Exchange |
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| Affiliation: | 1. Leeds University Business School, University of Leeds, Maurice Keyworth Building, Leeds LS2 9JT, United Kingdom;2. Department of Commerce, Finance and Shipping, Cyprus University of Technology, Archiepiskopou Cyprianou 30, 3036 Lemesos, Cyprus;1. Birmingham Business School, University of Birmingham, Birmingham B15 2TY, UK;2. The College of Management, 7 Izhak Rabin Blvd., P.O.B 25073, Rishon LeZion 75190, Israel;1. Sauder Business School – University of British Columbia, Henry Angus Building, 2053, Vancouver, Canada V6T 1Z2;2. HEC Montréal, Chemin de la Cote-Sainte-Catherine, 3000, Montréal, Canada H3T 2AT;1. Chair Professor and Head, Department of Management, and Senior Associate Dean, School of Business and Management, Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong;2. Business School, Central University of Finance and Economics, Beijing 100081, China;3. Department of Finance, Fordham University, New York, United States;1. Strathclyde Business School, University of Strathclyde, 199 Cathedral Street, Glasgow G4 0QU, United Kingdom;2. Management School, University of Sheffield, Conduit Road, Sheffield S10 1FL, United Kingdom;3. Warwick Business School, University of Warwick, Coventry CV4 7AL, United Kingdom;4. Department of Management, Fatih University, Alkent 2000 Mh., Istanbul, Turkey;1. School of Management, Curtin Business School, Curtin University, Kent Street, Bentley, 6102 Western Australia, Australia;2. Shenzhen International Business School, Shenzhen University, 3688 Nanhai Road, Shenzhen 518060, Guangdong, China;1. School of Applied Sciences, Department of Hotel Management, Ozyegin University, Cekmekoy, Istanbul 34794, Turkey;2. School of Hospitality Administration, Boston University, Boston, MA 02215, United States |
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| 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. |
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| Keywords: | Emerging markets High frequency data Istanbul Stock Exchange Middle class Trading behavior |
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