LEADER 05716oam 22013934 450 001 9910788699103321 005 20230828235745.0 010 $a1-4623-7504-9 010 $a1-4519-9441-9 010 $a1-283-51660-8 010 $a9786613829054 010 $a1-4519-0825-3 035 $a(CKB)3360000000443831 035 $a(EBL)3014321 035 $a(SSID)ssj0000941203 035 $a(PQKBManifestationID)11509883 035 $a(PQKBTitleCode)TC0000941203 035 $a(PQKBWorkID)10956375 035 $a(PQKB)10375870 035 $a(OCoLC)698585506 035 $a(MiAaPQ)EBC3014321 035 $a(IMF)WPIEE2006029 035 $a(EXLCZ)993360000000443831 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHabit Formation and Persistence in Individual Asset Portfolio Holdings : $eThe Case of Italy /$fSōnia Muņoz 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 300 $a"January 2006." 311 $a1-4518-6289-X 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aThis paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternatives, and I model the problem in a multinomial framework. I focus on a particularly important feature of household portfolio behavior: the infrequency of portfolio allocation changes. I find evidence of strong unobserved heterogeneity through time-varying error components, which I interpret as taste persistence in both the risky and safe asset participation decisions. I estimate the model using the method of maximum smoothly simulated likelihood. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/029 606 $aPortfolio management$zItaly$xEconometric models 606 $aAsset allocation$zItaly$xEconometric models 606 $aEconometrics$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aInvestments: Bonds$2imf 606 $aInvestments: Stocks$2imf 606 $aSingle Equation Models$2imf 606 $aSingle Variables: Discrete Regression and Qualitative Choice Models$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInternational Financial Markets$2imf 606 $aDiscrete Regression and Qualitative Choice Models$2imf 606 $aDiscrete Regressors$2imf 606 $aProportions$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aEconometrics & economic statistics$2imf 606 $aStocks$2imf 606 $aBonds$2imf 606 $aAsset allocation$2imf 606 $aStock markets$2imf 606 $aLogit models$2imf 606 $aFinancial institutions$2imf 606 $aAsset and liability management$2imf 606 $aFinancial markets$2imf 606 $aEconometric analysis$2imf 606 $aAsset-liability management$2imf 606 $aStock exchanges$2imf 606 $aEconometric models$2imf 607 $aUnited States$2imf 615 0$aPortfolio management$xEconometric models. 615 0$aAsset allocation$xEconometric models. 615 7$aEconometrics 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aInvestments: Bonds 615 7$aInvestments: Stocks 615 7$aSingle Equation Models 615 7$aSingle Variables: Discrete Regression and Qualitative Choice Models 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInternational Financial Markets 615 7$aDiscrete Regression and Qualitative Choice Models 615 7$aDiscrete Regressors 615 7$aProportions 615 7$aInvestment & securities 615 7$aFinance 615 7$aEconometrics & economic statistics 615 7$aStocks 615 7$aBonds 615 7$aAsset allocation 615 7$aStock markets 615 7$aLogit models 615 7$aFinancial institutions 615 7$aAsset and liability management 615 7$aFinancial markets 615 7$aEconometric analysis 615 7$aAsset-liability management 615 7$aStock exchanges 615 7$aEconometric models 700 $aMuņoz$b Sōnia$01462064 712 02$aInternational Monetary Fund.$bAfrican Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788699103321 996 $aHabit Formation and Persistence in Individual Asset Portfolio Holdings$93673699 997 $aUNINA