Segnalazione da ECB Research Bulletin,

(...) the latest issue (No. 119) of the ECB Research Bulletin, (is, n.d.r.) entitled “Consumer risk-taking and stock market investment: Insights using the CES’s consumer finance module”.

Dimitris Christelis (University of Glasgow), Dimitris Georgarakos, Geoff Kenny (both Directorate General Research, European Central Bank) and Tullio Jappelli (University of Naples Federico II) find that households are generally reluctant to invest in stocks, and this remains the case even when they experience a relatively large increase in wealth. Using data from the ECB’s Consumer Expectations Survey (CES) they demonstrate the effect of barriers to stock market participation, such as a lack of trust and other behavioural biases that may shape beliefs about stock prices. Their results are also consistent with the idea that risk aversion remains relatively constant even with an unexpected change in wealth. 

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.(..)