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A Factor Analysis of Investment Behaviour for Small Investors in the Hong Kong Stock Market

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  • Tai-Yuen HON

    (Hong Kong Shue Yan University, CHINA.)

Abstract

Hon (2012) found that small investors were overconfident and bought more stock during the buoyant market in the Hong Kong stock market. Small investors also exhibited herd behaviour. In this paper we extend his paper to identify and analyse the important factors that capture the behaviour of small investors in the Hong Kong stock market,especially during the financial crisis.Exploratory factor analysis is employed to analyse the data, we found that monitor investments is the second important factor and reference group is the most important factor.

Suggested Citation

  • Tai-Yuen HON, 2015. "A Factor Analysis of Investment Behaviour for Small Investors in the Hong Kong Stock Market," Journal of Economics Library, KSP Journals, vol. 2(2), pages 68-78, June.
    • Handle: RePEc:ksp:journ5:v:2:y:2015:i:2:p:68-78
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    References listed on IDEAS

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    2. Lee Cronbach, 1947. "Test “reliability”: Its meaning and determination," Psychometrika, Springer;The Psychometric Society, vol. 12(1), pages 1-16, March.
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    More about this item

    Keywords

    Factor analysis; Small investors; Stock market; Hong Kong.;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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