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[null,"1.","Record Nr.",null,"UNINA9910788699103321"]
[null,null,"Autore",null,"Muñoz Sònia"]
[null,null,"Titolo",null,"Habit Formation and Persistence in Individual Asset Portfolio Holdings : : The Case of Italy / / Sònia Muñoz"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2006"]
[null,null,"ISBN",null,"1-4623-7504-9"]
[{"$nulls":4},"1-4519-9441-9"]
[{"$nulls":4},"1-283-51660-8"]
[{"$nulls":4},"9786613829054"]
[{"$nulls":4},"1-4519-0825-3"]
[null,null,"Descrizione fisica",null,"1 online resource (44 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Soggetti",null,"Portfolio management - Italy - Econometric models"]
[{"$nulls":4},"Asset allocation - Italy - Econometric models"]
[{"$nulls":4},"Econometrics"]
[{"$nulls":4},"Finance: General"]
[{"$nulls":4},"Financial Risk Management"]
[{"$nulls":4},"Investments: Bonds"]
[{"$nulls":4},"Investments: Stocks"]
[{"$nulls":4},"Single Equation Models"]
[{"$nulls":4},"Single Variables: Discrete Regression and Qualitative Choice Models"]
[{"$nulls":4},"Personal Income, Wealth, and Their Distributions"]
[{"$nulls":4},"Portfolio Choice"]
[{"$nulls":4},"Investment Decisions"]
[{"$nulls":4},"Pension Funds"]
[{"$nulls":4},"Non-bank Financial Institutions"]
[{"$nulls":4},"Financial Instruments"]
[{"$nulls":4},"Institutional Investors"]
[{"$nulls":4},"General Financial Markets: General (includes Measurement and Data)"]
[{"$nulls":4},"International Financial Markets"]
[{"$nulls":4},"Discrete Regression and Qualitative Choice Models"]
[{"$nulls":4},"Discrete Regressors"]
[{"$nulls":4},"Proportions"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Econometrics & economic statistics"]
[{"$nulls":4},"Stocks"]
[{"$nulls":4},"Bonds"]
[{"$nulls":4},"Asset allocation"]
[{"$nulls":4},"Stock markets"]
[{"$nulls":4},"Logit models"]
[{"$nulls":4},"Financial institutions"]
[{"$nulls":4},"Asset and liability management"]
[{"$nulls":4},"Financial markets"]
[{"$nulls":4},"Econometric analysis"]
[{"$nulls":4},"Asset-liability management"]
[{"$nulls":4},"Stock exchanges"]
[{"$nulls":4},"Econometric models"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","\"January 2006.\""]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"\"\"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\"\""]
[null,null,null,"Sommario/riassunto","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."]