An analysis of the behavior of investors in the Brazilian future market between jan/2018 and aug/2024
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.
Authors
- Silvia Franco de Oliveira (ORCID: https://orcid.org/0000-0001-7303-4939)
- Guilherme Graziani Romaris
Institutions
- Universidade Presbiteriana Mackenzie (BR)
Publication Details
- Journal
- Revista de Administração da UFSM
- Published
- 2025-09-30
- DOI
- https://doi.org/10.5902/1983465990705
- Primary Topic
- Financial Markets and Investment Strategies
- Type
- article
- Field-Weighted Citation Impact
- 0.00
Funders
- Universidade Federal de Santa Maria