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A psychological portrait of the individual investor in Europe


  • Werner De Bondt
  • Patrick Zurstrassen
  • Arianna Arzeni


[eng] How are the values and beliefs of European investors linked to the perceived attractiveness of asset classes and investment strategies ? Until recently, little was known about this question. We summarize the data, methods, and results of the largest survey study ever conducted. More than 3,100 investors in six countries (Belgium, France, Germany, Italy, Spain, and the United Kingdom) participated. As anticipated, we find that clusters of values and beliefs, correlated with national identity, predict portfolio choice. Our findings have important implications for financial marketing and product design. . JEL classifications : E21, G11, M31

Suggested Citation

  • Werner De Bondt & Patrick Zurstrassen & Arianna Arzeni, 2001. "A psychological portrait of the individual investor in Europe," Revue d'Économie Financière, Programme National Persée, vol. 64(4), pages 129-140.
  • Handle: RePEc:prs:recofi:ecofi_1767-4603_2001_num_64_4_4492
    Note: DOI:10.3406/ecofi.2001.4492

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    References listed on IDEAS

    1. Slovic, Paul, 1972. "Psychological Study of Human Judgment: Implications for Investment Decision-Making," Journal of Finance, American Finance Association, vol. 27(4), pages 779-799, September.
    2. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
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    Cited by:

    1. Agata Kliber & Blanka Let & Aleksandra Rutkowska, 2016. "Socio-demographic characteristics of investors in the Warsaw Stock Exchange – How they influence the investment decision," Bank i Kredyt, Narodowy Bank Polski, vol. 47(2), pages 91-118.

    More about this item

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing


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