Questionnaire MiFID et participation sur les marchés actions

Marie-Hélène Broihanne and Hava Orkut

Revue économique, 2022, vol. 73, issue 3, 331-357

Abstract: The Markets in Financial Instruments Directive (MiFID) aims to protect European investors by requiring investment service providers to submit a questionnaire to their clients to collect information on them. In this paper, we combine the MiFID questionnaire answers and banking records of around 50,000 French retail clients. We show that MiFID indicators, i.e., subjective financial literacy, self-assessed risk tolerance and attitudes towards losses, significantly impact stock market participation by controlling for a variety of usual determinants such as socio-demographics and net wealth. Our results are robust to an instrumental variable approach for financial literacy.

Keywords: stock investment; MiFID questionnaire; subjective financial literacy; self-assessed risk tolerance; self-assessed attitudes towards losses (search for similar items in EconPapers)
Date: 2022
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