ecb-高估值股票市场中投资者行为的驱动因素 Drivers of investor behaviour in highly valued equity markets.pdfVIP

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ecb-高估值股票市场中投资者行为的驱动因素 Drivers of investor behaviour in highly valued equity markets.pdf

Driversofinvestorbehaviourinhighlyvalued

equitymarkets

PreparedbyPaoloAlbertoBaudino,FedericaBosio,DanielDieckelmann,ChristophKaufmannand

MariaLeonorPuga

PublishedaspartoftheFinancialStabilityReview,May2026.

Assetpricevaluationsareparticularlyhighinthetechnologyandartificialintelligence(AI)sectors,

whereeuroareainvestorshavesignificantexposures.Price/earningsratiosremainhistorically

elevatedacrossmanyequitymarkets,withUSequityindicestradingatnotablyhigherlevelsthantheir

Europeancounterparts(ChartA,panela).Whilee

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