Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - Istituto Einaudi per l'Economia e la Finanza (EIEF) - 2013
We use a repeated survey of a large sample of clients of an Italian bank to measure possible changes in investors’ risk aversion following the 2008 financial crisis. We find that both a qualitative and a quantitative measure of risk aversion increase substantially after the crisis. These...