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Dependency Research and Impact Assessment of Retail Investor Behavior to the Russian Stock Market

Student: Sergeyi Vostrikov

Supervisor: Sergey V. Kurochkin

Faculty: Faculty of Economic Sciences

Educational Programme: Financial Engineering (Master)

Year of Graduation: 2021

The influx of retail investors into the stock market is a worldwide trend. Compared to 2019, the number of brokerage accounts in 2020 has tripled. The number of investors on the Russian stock exchange is approaching 10% of the country's economically active population. When planning monetary policy, the Central Bank of the Russian Federation takes into account the factors of the outflow of citizens' funds from deposits to financial markets. Banks and brokers are restructuring their business processes. Companies have begun to actively interact not only directly with institutions, but also with retail investors. Understanding the behavioral characteristics of Russian retail investors, as well as the factors that cause them, the impact they have on the stock market has great potential for the development of retail investment in the Russian Federation. The conducted research in the framework of behavioral finance will find its application in the framework of the activities of issuers, the professional community and institutional, individual investors.

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