Mirkin Yakov
The aggregate behavior of retail investors in the russian stock market
Publication Type:

ISSN 2221-1632

The actions of people, their hopes and expectations lie at the heart of the dynamics of fi nancial markets. This fact is a strong rationale for the study of the behavioral characteristics of investors. The topicality of this research is ensured by the rarity of the resembling publications in Russian professional and scientifi c journals. This article attempts to determine “who is who” on the Russian stock market. The main source of the information is the database provided by «Investment Holding FINAM» (data for period 2007 to July 2009). It reveals a proportion of the age groups of men and women in the total number of clients of the company based on the following parameters: total turnover, total funds, the number of customers. It has been determined that the male involvement is several times higher than the female participation according to all three parameters. The women of age of 50-55 and men of age of 55-60 have been classifi ed as a group of the
most attractive clients for fi nancial intermediaries as they make long-term investments with relatively large funds. Further research, including the additional characteristics of the clients and based on more detailed time intervals, will provide a useful basis for the creation of the unique fi nancial products on the Russian stock market. 

Keywords: stock market | behavioral fi nance | gender differences | total turnover | total funds | number of clients |

Russian Science Citation Index


The World Stock Market and the Interests of Russia. Ed. by Smyslov D.V. Moscow, IMEMO RAN, 2003.

Rubtsov Boris
The Green Bond Markets in Russia: Prospects of Development

Мировой фондовый рынок и интересы России. Отв. ред. д.э.н. Д.В. Смыслов. М., Наука, 2006, 30 п.л.

Sidorova Elena
Anti-crisis programmes in Germany and Great Britain / Sidorova E.A. // World Economics. – 2010. – No 4. – 2010. – P. 29-37.

Bahtaraeva Karina
Банковский сектор и рынок ценных бумаг ЕАЭС: сравнительный анализ рынков [Текст] / К.Б. Бахтараева // Рынок ценных бумаг. – 2016. – № 7. – С. 38 – 40.

Avtonomov Vladimir , Belyanin A.
Behavioural Institutes of Marker Economy / Avtonomov V., Belyanin A.

Komova Anna
Sovereign Wealth Funds 19902030: Evolution, Growth Forecast

Bogaevskaya Oksana
Рынок труда США: тенденции и вызовы // США и Канада: экономика, политика, культура. 2023. № 8. С. 17-26. DOI 10.31857/S2686673023080023.

Zhukova Tatiana
Role of Spanish Banking System in Creating the Conditions for Fast Economic Growth in 1939-1970 and 1975-1985

Mirkin Yakov
Мировые финансы. Карта управления [Текст] / Я.М. Миркин // Прямые инвестиции. – 2013. – № 3. – С. 30 – 35.

Rubtsov Boris
"Зеленые" облигации - новый класс активов мирового рынка капиталов [Текст] / Б. Б. Рубцов, А. А. Шайдурова // Финансы, деньги, инвестиции. – 2019. – № 3. – С. 9-15. DOI: 10.36992/2222-0917_2019_3_9.

Mirkin Yakov
Finance According to Greenspan

Kopytin Ivan
Equity Markets in the Oil-Exporting Countries and the Investment Process / Kopytin Ivan

Gracheva Mariya
Прямые инвестиции развитых стран в ФРГ: анализ статистики германского федерального банка [Текст] / М.В. Грачева // Финансы и кредит. – 2014. – № 9. – С. 34 – 44.

Kapelyushnikov Rostislav , Gimpelson V., Lukyanova A.L.
Ownership and Wage Differentiation in Russia.

Olenchenko Vladimir
Warren Buffett Nekonfrantatsionny Americanism.

Mirkin Yakov
Глобальные финансы – 2012: прогноз, заданная траектория для финансов России / Я.М. Миркин // Банковское дело. – 2011. – № 11. – С. 18–23.

Rubtsov Boris, Arronet P.
Short-term trading in shares of Russian companies with state participation: the impact of changes in the dividend policy

Zhukov Stanislav
World Oil Derivatives Market: Development Amid Stricter Regulation

Bogacheva Olga, Smorodinov O.V.
Formalizing the rights of public research institutions to intellectual property as a key driver for science and innovation. Best practice of OECD countries
Related publications

Comments (0)

No comments

Add comment

First news
Institute News

From April 17 to 19, 2024, the International Annual Scientific Conference "Lomonosov Readings" – "Human and Social Capital of Russia: New Challenges and Opportunities" is being held at the Faculty of Economics of Lomonosov Moscow State University.



On April 18, 2024, the XIV Session of the Scientific and Methodological Association on Migration and Demographic Processes in the roundtable format "Modern Approaches to the Development of a Common Migration Space of the EAEU, CIS, the Union State of Russia and Belarus, BRICS in the Sphere of Migration Regulation" was held at the Financial University under the Government of the Russian Federation.


Recently Published