The investment behaviour of small investors in stock market: A survey in Hong Kong

Abstract

This paper investigates the behaviour of small investors in the Hong Kong stock market. The survey's observation period covers the Chinese government "through train" program and sub-prime mortgage crisis of 2006-2008. The survey was conducted between October and November 2008. We attempt to identify and analyse the key factors that capture their behaviour in the Hong Kong stock market. The data were collected from 1,199 respondents via a questionnaire survey. Our study enhances our understanding of behavioural finance in the setting of an Asian financial centre, Hong Kong.