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: |
Phone: +39 081 - 675372
Fax: +39 081 - 675372
Web page: http://www.csef.it/
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- 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.
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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.
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- Pagano, Marco & Panetta, Fabio & Zingales, Luigi, 1996. "Why Do Companies Go Public? An Empirical Analysis," CEPR Discussion Papers 1332, C.E.P.R. Discussion Papers.
- Paxson, Christina, 1990. "Borrowing Constraints and Portfolio Choice," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 535-43, May.
- Angus S. Deaton & Christina Paxson, 1994.
"Saving, Growth, and Aging in Taiwan,"
in: Studies in the Economics of Aging, pages 331-362
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.
- Stephen G. Cecchetti, 1999. "Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism," NBER Working Papers 7151, National Bureau of Economic Research, Inc.
- 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.
- Cesari, R. & Panetta, F., 1998. "Style, Fees and Performance of Italian Equity Funds," Papers 325, Banca Italia - Servizio di Studi.
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