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Stockholding in Italy

The 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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File URL: http://www.csef.it/WP/wp82.pdf
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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 82.

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Date of creation: 01 May 2002
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Publication status: Published in Stockholding in Europe, edited by L. Guiso, M. Haliassos and T. Jappelli. New York: Palgrave Macmillan, 2003
Handle: RePEc:sef:csefwp:82
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  1. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1996. "Income Risk, Borrowing Constraints, and Portfolio Choice," American Economic Review, American Economic Association, vol. 86(1), pages 158-72, March.
  2. Marco Pagano & Fabio Panetta & Luigi Zingales, . "Why Do Companies Go Public? An Empirical Analysis," CRSP working papers 330, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  3. Paxson, Christina, 1990. "Borrowing Constraints and Portfolio Choice," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 535-43, May.
  4. Angus S. Deaton & Christina Paxson, 1994. "Saving, Growth, and Aging in Taiwan," NBER Chapters, in: Studies in the Economics of Aging, pages 331-362 National Bureau of Economic Research, Inc.
  5. Stephen G. Cecchetti, 1999. "Legal structure, financial structure, and the monetary policy transmission mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 9-28.
  6. Riccardo Cesari & Fabio Panetta, 1998. "Style, Fees and Performance of Italian Equity Funds," Temi di discussione (Economic working papers) 325, Bank of Italy, Economic Research and International Relations Area.
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