engleski

Demographic Characteristics and Attributes of Croatian Capital Market Participants

This paper provides an overview of participants’ characteristics in the Croatian capital market. Based on the collected data of demographic characteristics, the typical sophisticated Croatian market participant could be described as a male person in the second half of the thirties, highly educated, probably in the economic profession, with 11-14 years of work experience. His market presence is about five years and longer. Typically, his portfolio has at least one transaction quarterly, although trades can also occur more frequently. His portfolio contains no less than 3 and no more than 10 stocks. The main source of information is the Internet, and he often talks with friends who are also market participants. On the other hand, conversations with analysts, brokers, etc. are relatively seldom. He reads business and professional literature even more infrequently. His home bias is so strong that it was not even shaken by the domestic market illiquidity. While there are several possible explanations for this phenomenon, it seems that asymmetry of information and behavioral traits are the most plausible ones.

Croatia; capital market; market participants

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