What Causes Stock Market Volatility in Pakistan? Evidence from the Field

Table 3

Relationship between determinants of investors’ behavior and market volatility.

Explanatory variables	Coefficients	SE of coeff.	Beta	value	value
Intercept	2.551	0.308		8.293	0.000
Involvement	0.173	0.028	0.335	6.146	0.000
Risk attitude	0.164	0.048	0.187	3.423	0.001
Optimism	0.023	0.037	0.034	0.623	0.534
Overconfidence	0.221	0.040	0.311	5.545	0.000

Significant at 1% level.