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1. |
Record Nr. |
UNICAMPANIASUN0004135 |
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Autore |
Mascambruno, Maria Cristina |
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Titolo |
Il prefetto / Maria Cristina Mascambruno |
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Pubbl/distr/stampa |
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Descrizione fisica |
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Disciplina |
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Soggetti |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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2. |
Record Nr. |
UNINA9910788699103321 |
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Autore |
Muñoz Sònia |
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Titolo |
Habit Formation and Persistence in Individual Asset Portfolio Holdings : : The Case of Italy / / Sònia Muñoz |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-7504-9 |
1-4519-9441-9 |
1-283-51660-8 |
9786613829054 |
1-4519-0825-3 |
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Descrizione fisica |
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1 online resource (44 p.) |
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Collana |
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Soggetti |
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Portfolio management - Italy - Econometric models |
Asset allocation - Italy - Econometric models |
Econometrics |
Finance: General |
Financial Risk Management |
Investments: Bonds |
Investments: Stocks |
Single Equation Models |
Single Variables: Discrete Regression and Qualitative Choice Models |
Personal Income, Wealth, and Their Distributions |
Portfolio Choice |
Investment Decisions |
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Pension Funds |
Non-bank Financial Institutions |
Financial Instruments |
Institutional Investors |
General Financial Markets: General (includes Measurement and Data) |
International Financial Markets |
Discrete Regression and Qualitative Choice Models |
Discrete Regressors |
Proportions |
Investment & securities |
Finance |
Econometrics & economic statistics |
Stocks |
Bonds |
Asset allocation |
Stock markets |
Logit models |
Financial institutions |
Asset and liability management |
Financial markets |
Econometric analysis |
Asset-liability management |
Stock exchanges |
Econometric models |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. Introduction""; ""II. Habit Formation in Household Portfolios""; ""III. The Model: Multiperiod Multinomial Probit with Autocorrelated Errors and Unobserved Heterogeneity""; ""IV. Empirical Results""; ""V. Conclusion""; ""Appendix: Data and Statistics""; ""References"" |
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Sommario/riassunto |
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This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of portfolio allocation changes. I find evidence of strong unobserved heterogeneity through time-varying error components, which I interpret as taste persistence in both the risky and safe asset participation decisions. I estimate the model using the method of maximum smoothly simulated likelihood. |
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