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BItNotes n°11

BItNotes n°11
"Features and behaviour of online traders. First report on the Italian market"
A.Franzosi, E.Pellizzoni - May 2004


There has been a significant rise in online trading by retail investors in recent years in all main financial markets, and positive growth rates are expected for the near future. Online traders behaviour presents specific features. Its analysis is especially important for the Italian equity market, that is characterised by a considerable household direct shareholding. This paper investigates investors who regularly trade financial instruments over the Internet. It shows their portfolio structure, the number of trades on each financial product, and their opinion about online brokers and information providers. The survey indicates that Italian online traders have a good income level and education, and a professional status allowing them to manage their time with flexibility. They claim to be autonomous during the investment and trading process. They favour investments in listed products and show attitudes in line with the findings from behavioural finance theories. A prevalent or exclusive use of the Internet is made to trade. The number of trades on cash instruments and the probability to trade derivatives are positively correlated with (perceived) autonomy and financial sophistication. Italian online traders don't show any intention of abandoning Internet for their trading activity, in spite of the negative performance of financial markets during the period covered by the survey. In the short term, they expect to keep stable or to increase the number of trades.

        Click here to download the paper:  PDF (513kb) (available only in Italian)

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Last update:  December 23 2005 - 10:19
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