Article

Wealth Composition and Stock Market Participation: Evidence from Italy

2026-04-21

Abstract excerpt

<title>Abstract</title> <p>This paper investigates the gap between portfolio choice theory and observed household behavior by examining how wealth composition influences stock market participation. I develop a participation model where illiquid real assets generate background risk, increasing effective risk aversion under Risk Vulnerability. Empirically, I exploit the panel structure of the Bank of Italy’s Survey...

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Literature Corpus work: 5e64d762-99d1-5b0e-8759-8ec076b1eaaf
DOI: 10.21203/rs.3.rs-8758402/v1

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