Stock Market Participation: New Empirical Evidence from Italian Households'Behavior

Attilio Gardini () and Alessandro Magi
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Attilio Gardini: Department of Statistics, University of Bologna

Giornale degli Economisti, 2007, vol. 66, issue 1, 93-114

Abstract: This paper provides new and updated empirical evidence about the stockholding behavior of Italian households. By exploiting Bank of Italy SHIW data, we find that in the period 2000-2004 stock market participation rates declined markedly, in contrast with what happened in other European countries and in the U.S. In order to understand this fact, we propose some explanations based on the estimation results of crosssectional and panel data probit regressions. We stress the importance of irrationality and myopic behavior and their relationships with the level of investors’ education.

Keywords: stock market participation; probit regression; behavioral finance (search for similar items in EconPapers)
JEL-codes: C01 C25 G11 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (2)

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