Trading Volume Levels and Stock Returns: Empirical Behavioral Analysis


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Authors

  • Ouarda Moatemri finance and acconting
  • Abdelfeteh El-Bori finance and accounting

Abstract

The objective of this paper is to provide an empirical behavioral analysis of the relationship between the trading volume and the future evolution of stock  returns. This subject has been examined empirically on the European financial market during 2000-2010. Our empiric findings suggest monotonous relationships between the trading volumes and the schemas of price evolution in terms of the continuity/reversal of prices that vary amongst the trading volume levels as well as amongst the winning and losing shares. Excess volume is thus more dependent on “momentum” profits for loser portfolios and on “contrarian” profits for winner portfolios.Keywords: Trading Volume Levels, Momentum Profits, Contrarian Profits, Behavioral Analysis and Loser/Winner PortfoliosJEL Classifications: G12 G14

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Author Biographies

Ouarda Moatemri, finance and acconting

docteur and assistant department: finance and accounting

Abdelfeteh El-Bori, finance and accounting

professor of finance and accounting

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Published

2017-06-29

How to Cite

Moatemri, O., & El-Bori, A. (2017). Trading Volume Levels and Stock Returns: Empirical Behavioral Analysis. International Journal of Economics and Financial Issues, 7(3), 632–638. Retrieved from https://www.econjournals.com/index.php/ijefi/article/view/4703

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