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Behavior of Private Investors in the Stock Markets of Russia and the US

Alexander E. Abramov – Head of Department for Analysis of Institutions and Financial Markets of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Andrey G. Kosyrev – Junior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Alexander D. Radygin – Chairman of the Scientific Council, Director of Center for Ownership and Corporate Governance of the Gaidar Institute for Economic Policy; Director of Institute of Economics, Mathematics and Information Technology, Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences, Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Maria I. Chernova – Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Over the past two years, millions of new private investors have entered the stock markets in Russia and the USA, but their number in the Russian Federation is significantly overestimated. In both markets, private investors face the risks of getting involved in speculative transactions. The Russian market demonstrates unfavorable economic and legal conditions for long-term savings in risky assets, which results in the prevalence of deposits and cash in the financial assets owned by households.

Key words: stock market, stock markets of Russia and the USA, private investors.

JEL-codes: G11, G14, G15, G17, G41.