According to economic theory financial institutions exist to correct financial market imperfections. If informational asymmetries and transaction costs decrease, recourse to the securities market should increase. The purpose of this article is to verify if Italian households have effectively strengthened their direct link to Corporations and the Public Sector thus reducing the intermediation role of financial institutions. Investors either make their own investment decisions or delegate them to professional asset managers. Which choice is more popular? The research takes into account the period 2003 – 2017 (15 years), with a special focus on the last 5 years (2013 – 2017) and to 2018, compatibly with the available data. The analysis first concerns the total market (all the Italian households); then it concerns only the affluent families.
Asset Management in Italy: do it youself or delegate?
PAUL DE SURY;CRISTINA ROVERA
2019-01-01
Abstract
According to economic theory financial institutions exist to correct financial market imperfections. If informational asymmetries and transaction costs decrease, recourse to the securities market should increase. The purpose of this article is to verify if Italian households have effectively strengthened their direct link to Corporations and the Public Sector thus reducing the intermediation role of financial institutions. Investors either make their own investment decisions or delegate them to professional asset managers. Which choice is more popular? The research takes into account the period 2003 – 2017 (15 years), with a special focus on the last 5 years (2013 – 2017) and to 2018, compatibly with the available data. The analysis first concerns the total market (all the Italian households); then it concerns only the affluent families.
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