Stockholding in Italy
AbstractThe study describes the aggregate trends in Italian households' portfolios in the past decade and documents a massive shift towards riskier portfolios and an increase in stock market and mutual funds participation. The study then uses microeconomic data to analyze the pattern of direct and indirect stockholding and their determinants. It documents how stockholding evolves during the life cycle and the relation between stock market participation and wealth, education, and other demographic characteristics. A major finding is that stockholding - either direct or through mutual funds and other managed investment accounts is present only among investors with above median wealth. Even among the richest segment of the population, non-participation in stocks is quite common.
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Bibliographic InfoPaper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 82.
Date of creation: 01 May 2002
Date of revision:
Publication status: Published in Stockholding in Europe, edited by L. Guiso, M. Haliassos and T. Jappelli. New York: Palgrave Macmillan, 2003
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-12-02 (All new papers)
- NEP-COM-2002-12-02 (Industrial Competition)
- NEP-HIS-2002-12-02 (Business, Economic & Financial History)
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