| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Do Privatizations Boost Household Shareholding? Evidence from Italy | |
| Ottavio Ricchi; Adolfo Di Carluccio; Cecilia Frale; Giovanni Ferri | |
| 发表日期 | 2004 |
| 出处 | Economy and Society |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | It is believed that privatizations substantially contributed to boost stock markets through the 1980s and 1990s. However, trough which channels did that materialize? We test whether privatizations –improving households' acquaintance with the risk and return characteristics of stocks through the massive accompanying advertising campaigns– boosted demand for stocks by enlarging the set of households willing to invest in shares. We use a unique micro-data set collected for a large sample of Italian households on Public Offerings (PO) during 1995-99, the climax of privatizations in Italy. We show that advertising increased the notoriety of the incoming PO at households, and through this furthered households' propensity to subscribe that PO. Furthermore, the propensity to subscribe the incoming PO also increased as households became better informed about past privatizations. Thus, privatizations expanded households' share participation in Italy. |
| 特色分类 | D140,D820,E440,G110 |
| 关键词 | Household portfolio choice,Information,Privatizations |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/do-privatizations-boost-household-shareholding-evidence-from-italy/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116955 |
| 推荐引用方式 GB/T 7714 | Ottavio Ricchi,Adolfo Di Carluccio,Cecilia Frale,et al. Do Privatizations Boost Household Shareholding? Evidence from Italy. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
