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1. |
Record Nr. |
UNINA990000396740403321 |
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Titolo |
ADVANCES in Electron Metallography, vol. 6. A Symposium presented at the Sixty-Eighth Annual Meeting American Society for Testing and Materials Lafayette, Ind., June13-18, 1965 |
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Pubbl/distr/stampa |
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Philadelphia : American Society for Testing and Materials, 1965 |
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Descrizione fisica |
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Collana |
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AST Special Technical Publication ; n. 396 |
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Locazione |
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Collocazione |
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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. |
UNINA9910964629103321 |
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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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9786613829054 |
9781462375042 |
1462375049 |
9781451994414 |
1451994419 |
9781283516600 |
1283516608 |
9781451908251 |
1451908253 |
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Edizione |
[1st ed.] |
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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 |
Asset allocation |
Asset and liability management |
Asset-liability management |
Bonds |
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Discrete Regression and Qualitative Choice Models |
Discrete Regressors |
Econometric analysis |
Econometric models |
Econometrics & economic statistics |
Econometrics |
Finance |
Finance: General |
Financial institutions |
Financial Instruments |
Financial markets |
Financial Risk Management |
General Financial Markets: General (includes Measurement and Data) |
Institutional Investors |
International Financial Markets |
Investment & securities |
Investment Decisions |
Investments: Bonds |
Investments: Stocks |
Logit models |
Non-bank Financial Institutions |
Pension Funds |
Personal Income, Wealth, and Their Distributions |
Portfolio Choice |
Proportions |
Single Equation Models |
Single Variables: Discrete Regression and Qualitative Choice Models |
Stock exchanges |
Stock markets |
Stocks |
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 |
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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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