Internetbaserade investerarforum har blivit en allt viktigare källa till information för investerare. Forumen fungerar på så sätt att investerare med varierande kunskapsnivå delger sina funderingar och förhoppningar om företag och hur deras aktiers avkastning kan komma att se ut. Syftet med studien är att undersöka huruvida foruminläggsfrekvens och sentiment i foruminläggen kan indikera kommande förändringar i mindre bolags aktiers handelsrelaterade variabler. Totalt granskas elva bolags aktier och 40 055 foruminlägg. Sambanden mellan investerarforumen och aktiehandeln undersöks med en bivariat korrelationsanalys. Studien finner inte statistiskt signifikanta resultat för att sentimentnivå kan antyda aktiers kommande avkastning vilket styrker att aktiemarknadens effektivitet. Resultatet visar däremot att inläggsfrekvens korrelerar positivt med aktiers volatilitet, omsättning, volym och avslut.

The gamification trend has in recent years gained a strong hold across the field of finance. Market participants are leveraging the benefits of implementing game-design elements to previously mundane banking activities. However, while gamification is expected to grow further, the current research investigating its effects is scarce, particularly in a Swedish context. This research project aims to investigate if, and how the behaviour of retail investors is affected by gamification used on trading platforms. We collected qualitative data through seven semi-structured interviews with respondents who were active users of Avanza, the largest internet broker in Sweden. To expand the scope of the study, data was also included from a senior executive at Avanza creating a nuanced picture of the effects of gamification. Our analysis is grounded in the Octalysis Framework, which has been used together with behavioural finance theories to draw valuable conclusions. Our study finds that gamification has an effect on investors and may influence their trade decisions. We conclude that social game-design elements cause intrinsic motivation and have a strong effect on retail investors. The study further shows that visualising personal development has a strong extrinsically motivating effect on retail investors' desire to increase their capital. Our results also show that gamification can be used to promote both healthy and unhealthy financial behaviours, making it a powerful tool for the one’s controlling it. However, if not managed properly, excessive usage of gamification runs the risk of decreasing the perceived seriousness and validity of the institution implementing it. Lastly, this study concludes that investors tend to believe that gamification affects their investment behaviour less than others, suggesting that they suffer from overconfidence bias. Situating gamification and the Octalysis framework within a financial context contributes to the current discussion about gamification and the future understanding of the concept. By taking behavioural finance into consideration, we contribute to the field of behavioural finance by showcasing how gamification may affect the investment behaviour of retail investors on gamified platforms. The results of the study are of great relevance to market participants and regulators. Being aware of how gamification influences investor behaviour is necessary for market regulators to prevent exploitative behaviours and for market participants to make well-informed decisions.

Producing a model explaining the trading volume can be attractive for companies who’s main revenue resides on it. Previous studies have shown that factors such as stock returns, volatility and uncertainty affects the trading volume. The purpose of this work is to clarify the consensus that prevails and determine the factors that impact Avanza’s customers trading volume. Factors such as daily stock returns and economic, political and financial uncertainty are analyzed through a multiple linear regression analysis with a daily time period between 2000-2019. The work is thus designed within the framework of mathematical statistics and industrial economics. To be able to draw a conclusion, further investigation is required in the form of a time series analysis in combination with a deeper understanding of the applied area and the mathematical methods that have been used. / Att ta fram en modell som förklarar handelsvolymen kan vara eftertraktat hos företag vars huvudintäkter beror av den. Tidigare forskning visar att faktorer som prisförändringar på aktiemarknaden, volatilitet och osäkerhet påverkar handelsvolymen. Syftet med arbetet är att klargöra den konsensus som råder och fastställa de faktorer som har störst påverkan gällande handelsvolymen för Avanza’s kunders. Faktorer som dagliga förändringar inom börsmarknaden och ekonomisk, politisk och finansiell osäkerhet har genom en multipel linjär regressionsanalys analyserats med en daglig tidsperiod mellan 2000-2019. Arbetet är således utformat inom ramen för matematisk statistik och industriell ekonomi. För att kunna dra en slutsats krävs vidare undersökning i form av en tidsserieanalys och en djupare förståelse av det tillämpade området och metoderna som har an- vänds.