This article presents the first study of Russian individual investors’ aggregate equity trading behavior using novel data from Moscow Exchange, with a focus on the COVID-19 episode. Aggregate Russian individual bought the dip during the COVID crash in March–April 2020. While this can be accounted for by their regular contrarian trading traits, they remained as net buyers until the market fully recovered, a sign of sophistication in striking contrast to views that characterized individual investors as noise traders. Our analysis suggests that this outcome was driven by a combination of regular contrarian traits and a unique positive shock to individual investor demand for equities, with weaker evidence of exploiting a negative bubble.

本文利用莫斯科交易所的新数据首次对俄罗斯个人投资者的总体股票交易行为进行了研究，重点关注了 COVID-19 事件。 2020 年 3 月至 4 月新冠疫情崩盘期间，俄罗斯总体个人逢低买入。虽然这可以通过他们常规的逆向交易特征来解释，但他们在市场完全复苏之前仍然是净买家，这是成熟的标志，与之前的观点形成鲜明对比。将个人投资者描述为噪音交易者。我们的分析表明，这一结果是由常规逆向特征和对个人投资者股票需求的独特积极冲击共同推动的，而利用负面泡沫的证据较弱。