National culture, population age, and other country factors in volume–price volatility relationship

Wei Hua and Peihwang Wei

Global Finance Journal, 2017, vol. 32, issue C, 83-96

Abstract: This research investigates the relationship between market-wide trading activity and price volatility in 36 countries for the sample years of 1996 to 2012. Based on the concept of noise trading, we expect the volume–volatility relation to be stronger in countries with higher degrees of individualism and masculinity, lower degrees of power distance, younger populations, less-developed markets, and lower transparency. Empirical results largely support our expectations concerning national culture and population age. As for the extent of market development and transparency, however, the supporting evidence is fairly weak.

Keywords: Volume–price volatility relation; National culture; Population age (search for similar items in EconPapers)
JEL-codes: G12 G15 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:32:y:2017:i:c:p:83-96

DOI: 10.1016/j.gfj.2015.12.003

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