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.
|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|
|Contact details of provider:|| Postal: I-80126 Napoli|
Phone: +39 081 - 675372
Fax: +39 081 - 675372
Web page: http://www.csef.it/
More information through EDIRC
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- Christina Paxson, 1990. "Borrowing Constraints and Portfolio Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 535-543.
- Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1994.
"Income Risk, Borrowing Constraints and Portfolio Choice,"
CEPR Discussion Papers
888, C.E.P.R. Discussion Papers.
- 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.
- Marco Pagano & Fabio Panetta & and Luigi Zingales, 1998.
"Why Do Companies Go Public? An Empirical Analysis,"
Journal of Finance,
American Finance Association, vol. 53(1), pages 27-64, 02.
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- 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.
- Marco Pagano & Fabio Panetta & Luigi Zingales, 1995. "Why Do Companies Go Public? An Empirical Analysis," NBER Working Papers 5367, National Bureau of Economic Research, Inc.
- Stephen G. Cecchetti, 1999.
"Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism,"
NBER Working Papers
7151, National Bureau of Economic Research, Inc.
- 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.
- Cesari, R. & Panetta, F., 1998.
"Style, Fees and Performance of Italian Equity Funds,"
325, Banca Italia - Servizio di Studi.
- 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.
- Angus Deaton & Christina H. Paxson, 1993.
"Saving, Growth, and Aging in Taiwan,"
NBER Working Papers
4330, National Bureau of Economic Research, Inc.
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