This study aims at comparing Google Search Volume Indices (GSVIs—including market crash and bear market) and VIX (Investor Fear Gauge Index) in terms of explaining the S&P 500 returns. The VIX is found a more robust predictor of stock market returns than Google indices, and it does granger...

This study analyses how investors' educational characteristics affect their trading activity on the stock market. It uses a unique dataset from the Tallinn Stock Exchange, covering all transactions of a full business cycle from 2004 to 2012, along with a dataset containing the official...