TY  - JOUR
TI  - How Covid Mobility Restrictions Modified the Population of Investors in Italian Stock Markets
//
L?evoluzione della composizione del retail trading
sul mercato azionario italiano a seguito delle
restrizioni imposte dalla pandemia da Covid
JF  - CONSOB Quaderni Fintech
VL  - 10
KW  - Covid; Stock Market
KW  -  Household finance
AV  - public
ID  - discovery10184995
N2  - 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 ? 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.
SP  - 1
UR  - https://www.consob.it/documents/1912911/1933915/FinTech_10.pdf/90b66df1-9aa7-f73c-95c8-1ce85a1533c4
EP  - 31
N1  - This version is the version of record. For information on re-use, please refer to the publisher?s terms and conditions.
A1  - Deriu, Paola
A1  - Lillo, Fabrizio
A1  - Mazzarisi, Piero
A1  - Medda, Francesca
A1  - Ravagnani, Adele
A1  - Russo, Antonio
Y1  - 2022/07//
ER  -