An analysis of the behavior of investors in the Brazilian future market between jan/2018 and aug/2024
DOI :
https://doi.org/10.5902/1983465990705Mots-clés :
Herd effect, Covid-19, Investor category, Financial marketsRésumé
Objective: Investigate whether there was a change in the pattern of investor behavior in the Brazilian stock market between Jan/2018 and Aug/2024.
Design/methodology/approach: The study investigates the behavior of the financial volume of Bovespa standard contract investors (large investors) and Ibovespa mini future contract investors (small investors) in three periods: pre-crisis (2018–2019), Covid-19 crisis (2020–2021) and post-crisis (2022–Aug/2024). For data analysis, multiple linear regression is used.
Results: The results indicate: a) the volume of the standard portfolio is not affected by savings or investment funds in the pre-crisis, competes with savings in the crisis and follows investment funds in the post-crisis; b) the volume of the mini futures contract follows the standard contract in the pre-crisis (herd effect), follows the opposite direction during the crisis and has no relationship after the crisis. Therefore, there is a diverse response from investors in different market conditions.
The research limitations/implication: Focuses on only two types of investors and does not capture the motivations and/or subjective perceptions of investors.
Practical implications: Assists in the development of risk mitigation strategies that promote a more resilient market.
Social implications: By understanding changes in investor behavior in different economic scenarios and different types of financial products, it can guide them to avoid making the same mistakes in the future.
Originality/value: The analysis of financial behavior in different investment sizes, different economic scenarios and different financial assets.
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