Why are listed equity holdings so low in the euro zone and France?

We look at the cases of the euro zone and France, where the level of listed equit y holdings is low. Why is it low? Probably because: Despite a high dividend yield, excessive share price variability (linked inter alia to the organisation of the equity market) discourages the holding of equities; Regulations for institutional investors reduce their equity holdings; The supply of listed equities is low, as companies are also discouraged by share prices that do not reflect their true value. The shift from listed to unlisted equities is probably going to continue due to behaviour among both savers (investors) and issuers, unless there is a return to active management and a change to prudential regulations for investors.