论文标题
共同流动性限制如何改变意大利股票市场的投资者人口
How Covid mobility restrictions modified the population of investors in Italian stock markets
论文作者
论文摘要
本文研究了共同流动性限制如何影响意大利股市投资者的人口。该分析跟踪了2019年1月至2021年9月的意大利股票的个人投资者的交易活动，调查了他们的成分和交易活动在Covid-19-19-19锁定期（2020年3月9日至5月19日）左右发生了如何变化，更普遍地在大流行期间发生了变化。结果指出，锁定限制伴随着对股票市场的利益激增，这是由家庭交易量证明的。鉴于封锁期间的价格通常下跌，通常是逆势人群的家庭，即使比他们在2019年的交易活动中的预期要少。通过查看总损益，有明确的证据表明这些新投资者更熟练地交易。因此，有迹象表明，封锁，更普遍的是共同大流行，在金融投资者人口中造成了一种政权变化。
This paper investigates how Covid mobility restrictions impacted the population of investors of the Italian stock market. The analysis tracks the trading activity of individual investors in Italian stocks in the period January 2019-September 2021, investigating how their composition and the trading activity changed around the Covid-19 lockdown period (March 9 - May 19, 2020) and more generally in the period of the pandemic. The results pinpoint that the lockdown restriction was accompanied by a surge in interest toward stock market, as testified by the trading volume by households. Given the generically falling prices during the lockdown, the households, which are typically contrarian, were net buyers, even if less than expected from their trading activity in 2019. This can be explained by the arrival, during the lockdown, of a group of about 185k new investors (i.e. which had never traded since January 2019) which were on average ten year younger and with a larger fraction of males than the pre-lockdown investors. By looking at the gross P&L, there is clear evidence that these new investors were more skilled in trading. There are thus indications that the lockdown, and more generally the Covid pandemic, created a sort of regime change in the population of financial investors.
