TY - BOOK ID - 11949985 TI - Habit formation and persistence in individual assest portfolio holdings : the case of Italy AU - Munoz, Sonia AU - International Monetary Fund. PY - 2006 SN - 145186289X 1462375049 1451908253 9786613829054 1451994419 1283516608 PB - [Washington, D.C.] : International Monetary Fund, African Dept., DB - UniCat KW - Asset allocation -- Italy -- Econometric models. KW - Electronic books. -- local. KW - Portfolio management -- Italy -- Econometric models. KW - Finance KW - Business & Economics KW - Investment & Speculation KW - Portfolio management KW - Asset allocation KW - Econometric models. KW - Allocation of assets KW - Investment management KW - Investments KW - Investment analysis KW - Securities KW - Econometrics KW - Finance: General KW - Financial Risk Management KW - Investments: Bonds KW - Investments: Stocks KW - Single Equation Models KW - Single Variables: Discrete Regression and Qualitative Choice Models KW - Personal Income, Wealth, and Their Distributions KW - Portfolio Choice KW - Investment Decisions KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - General Financial Markets: General (includes Measurement and Data) KW - International Financial Markets KW - Discrete Regression and Qualitative Choice Models KW - Discrete Regressors KW - Proportions KW - Investment & securities KW - Econometrics & economic statistics KW - Stocks KW - Bonds KW - Stock markets KW - Logit models KW - Financial institutions KW - Asset and liability management KW - Financial markets KW - Econometric analysis KW - Asset-liability management KW - Stock exchanges KW - Econometric models KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:11949985 AB - 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. ER -