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9781403904713

Stockholding in Europe

by
  • ISBN13:

    9781403904713

  • ISBN10:

    1403904715

  • Format: Trade Book
  • Copyright: 2003-02-08
  • Publisher: Palgrave Macmillan
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Supplemental Materials

What is included with this book?

Summary

Developments in Europe mirror to a large extent the spread of equity culture in the US, but with lower levels of involvement and interesting differences across European countries. This book provides the theoretical and methodological background necessary for analysis of stockholding behavior, and presents empirical studies that use the most comprehensive household-level databases to identify determinants of stockholding in five major European countries.

Author Biography

Luigi Guiso is at the University of Sassari & CEPR. Michael Haliassos is at the University of Cyprus, HERMES & IMOP. Tullio Jappelli is at the University of Salerno & CEPR.

Table of Contents

Contributors vii
Preface viii
Part 1 Overview and Tools of Analysis 1(72)
Stockholding: a European Comparison
3(27)
Luigi Guiso
Michael Haliassos
Tullio Jappelli
Introduction
3(2)
The background
5(2)
Why is the demographic pattern of stockholding important?
7(1)
The data sets used in this volume
8(3)
How does stockholding participation differ across demographic groups?
11(9)
How do portfolio shares of stocks differ across demographic groups?
20(7)
Summary
27(3)
References
29(1)
Stockholding: Recent Lessons from Theory and Computations
30(22)
Michael Haliassos
Introduction
30(1)
The stock market participation puzzle
31(9)
Accounting for stock market exits
40(1)
Participation versus diversification
41(1)
Portfolio composition puzzles
42(6)
Some conclusions for practitioners
48(4)
References
49(3)
Survey Design and Estimation of Portfolio Models
52(21)
Raffaele Miniaci
Guglielmo Weber
Introduction
52(1)
Data sources on household portfolio composition
53(5)
The data sets used in this volume
58(4)
Econometric issues and estimation techniques
62(7)
Conclusions
69(4)
References
70(3)
Part II Stockholding in European Countries 73(147)
Stockholding in France
75(35)
Luc Arrondel
Andre Masson
Introduction
75(1)
The household portfolio in France
76(2)
Data on stockownership in France
78(4)
Descriptive statistics on stockownership
82(5)
Theoretical framework and econometric specification
87(5)
Econometric analysis for demand of stocks
92(8)
Conclusions
100(10)
Appendix
105(1)
References
106(4)
Stockholding in Germany
110(31)
Axel Borsch-Supan
Lothar Essig
Introduction
110(2)
Macroeconomic trends and policy environment
112(6)
Data: the German income and expenditure survey (EVS)
118(1)
Who holds stocks?
119(10)
The amount invested in stocks
129(1)
Issues specific to Germany
130(5)
Conclusions
135(6)
Appendix
136(2)
References
138(3)
Stockholding in Italy
141(28)
Luigi Guiso
Tullio Jappelli
Introduction
141(1)
Macroeconomic trends in household portfolios
142(3)
Data on stockownership in Italy
145(3)
Who holds stocks?
148(11)
The amount invested in stocks
159(5)
Information and transaction costs
164(1)
Conclusions
165(4)
Appendix
166(1)
References
167(2)
Stockholding in the Netherlands
169(31)
Rob Alessie
Stefan Hochguertel
Introduction
169(2)
The household portfolio in the Netherlands: macroeconomic indicators
171(2)
Data on stockownership in the Netherlands
173(3)
Who holds stocks?
176(12)
The amount of stocks held
188(4)
Issues specific to the Netherlands
192(3)
Conclusions
195(5)
Appendix
196(3)
References
199(1)
Stockholding in the United Kingdom
200(20)
James Banks
Matthew Wakefield
Introduction
200(1)
Background: institutional changes that have affected stockholding in the UK
201(1)
Background: aggregate data
202(2)
Microeconomic data: description
204(3)
Univariate analysis of asset ownership rates
207(4)
Multivariate analysis of asset ownership rates
211(2)
Univariate analysis of portfolio shares
213(3)
Multivariate analysis of portfolio shares
216(1)
Conclusions
217(3)
References
218(2)
Notes 220(10)
Index 230

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