LIBRI DI TULLIO JAPPELLI

Ennio Forte

Economics and logistics in short and deep sea market.

Studies in honor of Guido Grimaldi Founder Grimaldi Group

The text brings together contributions from experts of logistics and economy of the sea, even at the international level. The articles deal with the issues of the economy of the sea, with reference to the Short Shipping, in particular the Mediterranean Sea, which has seen a multiplication of motorways of the sea, especially in connection with North Africa and the Balkans, to the Greece.

cod. 380.391

Tullio Jappelli, Christian Julliard, Marco Pagano

Households' Portfolio Diversification

STUDI ECONOMICI

Fascicolo: 100 / 2010

This paper performs an efficiency analysis of households portfolios based on the comparison of observed portfolios with the mean-variance frontier of assets returns. Data on household portfolios are drawn from a representative sample of the Italian population with at least a bank account. We find that most households’ portfolios are extremely close to the efficient frontier once we explicitly take into account no short-selling constraints, while the null hypothesis of efficiency is rejected for all portfolios if we don’t consider these constraints.

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