Journal of Applied
Finance & Research

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.