摘要：This study sought to establish the determinants of bear market performance by taking a survey of investors at the Nairobi Securities Exchange. To achieve this, a quantitative and qualitative research design was adopted and the study involved administering questionnaires to 500 retail investors participating at the Nairobi Securities Exchange through five purposively selected stock brokerage firms based in Mombasa Town. Convenient sampling technique was used to administer questionnaires to respondents. Data was analyzed by the use of descriptive statistics and correlation analysis was carried out to determine the relationship between the variables. A multiple regression model was employed to analyze the independent variables and their effect on bear market performance. The ANOVA result at a p-level of .05 showed that all the four variables; transaction cost, mobilization of resources by retail investors, financial literacy and cultural values had an influence on bear market performance. The Pearson Moment correlation analysis showed that bear market performance was weakly associated with transaction costs and financial literacy while the relationship between bear market performance and mobilization of resources by retail investors as well as cultural values was largely insignificant. The study recommends that further research should be carried out on the economic cycle and its influence on bear market performance.
关键词：Bear Market;Transaction Cost;Mobilization of Resources;Retail Investors;Cultural Values
