Date of Award

Spring 5-4-2017

Document Type


Degree Name

Master of Arts (MA)



First Advisor

Randall K. Filer

Second Advisor

Devra L. Golbe

Academic Program Adviser

Randall K. Filer


Substantial differences in stock market behavior exists across the world. Many determinants have been explored and empirically studied, yet the exact reasons for these differences remain unclear. The purpose of this paper is to contribute some insight into the question of why market behavior differs across countries and between social groups despite continuing globalization within financial markets. I hypothesize that there is a direct relationship between personality and trading behavior that directly affects market liquidity.



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