Journal of Applied Finance & Research
Open Access, Peer Reviewed, Refereed
E-ISSN: 2025-8046 | P-ISSN: 1010-8041
Vol. 8 , Issue 2 , 2025
Behavioral Drivers of Retail Investor Activity in Emerging Equity Markets
AUTHORS
Liang Wei, Ana Beatriz Costa
Abstract
We analyze a comprehensive panel of brokerage records in order to identify behavioral patterns that distinguish persistent retail traders from episodic participants in emerging equity markets. The formal interest of this study is to clarify how platform design, social signaling, and exposure to macroeconomic news jointly shape trade frequency and risk appetite. We document robust associations between interface affordances and sustained participation, and we provide evidence that informational salience materially alters short horizon trading behavior across the sampled venues.
References
- [1]Wei, L. (2021). Retail trader heterogeneity in emerging markets. Emerging Markets Finance Journal, 18(3), 145 to 170.
- [2]Costa, A. B., & Silva, R. (2023). Platform design and trade frequency. Behavioral Finance Quarterly, 11(2), 77 to 98.
- [3]World Bank. (2023). Global financial development report. World Bank Publications.