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《Economic Research Journal》 2007-02
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Liquidity,Life Cycle and Portfolio Choice Heterogeneity

Wu Weixing and Qi Tianxiang(School of Banking and Finance, University of International Business and Economics)  
What does the household's portfolio composition in China look like and what kinds of factor affect their portfolio choice? The paper summarized and analyzed the systematic differences in market participation and portfolio composition across individuals with varying characters in China using Probit and Tobit models. Firstly, we found that the investment in illiquidity assets, especially real estate assets had significant effects on the stock market participation and portfolio composition, where the substitution effect dominates. Secondly, the Chinese households seldom hedge the risk of their future cash flow by taking part in the stock market, that is, the life-cycle effect is trivial. Thirdly, an increase in the wealth would increase the probability of households' stock market participation and the proportion of their wealth invested in risky assets.These results provide a new policy perspective for the development of capital market and property market, and give a clue on how to reduce the loss of households' welfare due to the inefficient portfolio.
【Fund】: 北京奥尔多投资咨询中心(wwwaordoorg)“投资者行为与秩序”研究项目的一项阶段性研究成果;; 国家自然科学基金(项目批准号:70373018)的资助
【CateGory Index】: F832.48;F224
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【References】
Chinese Journal Full-text Database 2 Hits
1 Li Tao(School of Finance at Renmin University);Participation Inertia and Investment Choices[J];Economic Research Journal;2007-08
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【Citations】
Chinese Journal Full-text Database 2 Hits
1 Li Tao(Lingnan College at the Sun Yat-sen University);Social Interaction, Trust, and Stock Market Participation[J];Economic Research Journal;2006-01
2 Wu Weixinga Wang Yongxiangb Liang Hengyic(a: School of Banking and Finance, University of International Business and Economics;b: School of Business,Columbia University;c: Institute of Applied Mathematics, Chinese Academy of Sciences);Overconfidence,Limited Participation and Asset Price Bubbles[J];Economic Research Journal;2006-04
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 HUANG Ling-Ling,LIU Zhi-Xin(School of Economics and Management,Beijing University of Aeronautics and Astronautics,Beijing 100191,China);Chinese Resident's Asset Allocation in the Presence of Housing[J];Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition);2009-01
2 LI Guang-zi1,LI Ling2(1. Guanghua School of Management, Peking University, Beijing 100871, China;2. Institute of World Economics & Politics, China Academy of SocialSciences, Beijing 100732, China);Soft Budget Constraint and Rational Bubble of Asset Prices[J];Journal of Finance and Economics;2009-06
3 YU Jinsong LIANG Hongying(1.School of Economics,South-west Political and Law University,Chongqing,400031;2.School of Management,South-west Political and Law University,Chongqing,400031);An Empirical Study on the Regional Difference and the Causes of the Equity Market Participation[J];Urban Studies;2008-02
4 Xu Shufang(School of Economics and Trade, South China University of Technology, Guangzhou, Guangdong 510006);Social Capital and Financial Development[J];Reformation & Strategy;2008-08
5 BA Shu-song1,2,QIN Chuan-tao1,ZHU Yuan-qian1(1.School of Management,University of Science and Technology of China,Hefei 230026,China;2.Research Institute of Finance,Development Research Center of the State Council,Beijing 100010,China);Interaction between China Real Estate and Stock Market[J];Systems Engineering;2009-09
6 XU Yun-bao1,2,LIU Ming-wu2 (1.School of Economics & Management,Hunan Institute of Engineering,Hunan,Xiangtan 411104,China;2.School of Management & Economics,University of Electronic Science & Technology of China,Chengdu 610054,China);The Analysis of Home-Buyer's Behavior Based on the Model of Investment and Consumption[J];On Economic Problems;2009-05
7 MING LU SHUANG ZHANG(Fudan University);Non-Market Interaction and Sorting: A Literature Review[J];China Economic Quarterly;2007-03
8 Li Tao~a, Huang Chunchun~b, He Xingqiang~c and Zhou Kaiguo~c(a:School of Finance, RUC; b: School of Economics, RUC; c: Lingnan College, Sun Yat-Sen University);What Affects People's Social Trust? Evidence from Guangdong Province[J];Economic Research Journal;2008-01
9 Zhou Hong, Yu Kai-zhi;Behavior of Household Financial Asset Choice: Literature Evaluation and Research Prospection[J];Financial Theory & Practice;2008-09
10 Li Tao Zhou Kaiguo;Neighborhood Effect, Income Satisfaction and Lottery Participation[J];Journal of Financial Research;2006-09
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 Liu Xiliang1 Dong Qingma2 Wang Liya3;Views on the Liquidity Surplus Problem for Commercial Banks[J];Finance & Economics;2007-02
2 ;Ways to Deal with Liquidity Overplus[J];The Chinese Banker;2007-02
3 WANG Jian1 LIU Xuan2 (1. School of Economics & Management, Southeast University, Nanjing 210096, China 2. Nanjing Branch, The People’s Bank of China, Nanjing 210004, China);A Study on the Industrial Impact of Monetary Policy[J];The Study of Finance and Economics;2005-05
4 LIAO Shi-guang(Shanghai Jiaotong University,Shanghai 200052,China);Liquidity Value:a Literature Review[J];Contemporary Economy & Management;2007-02
5 WANG De-zhang1,ZHAO Da-wei2,CHEN Jian-mei2(1.Research Center of Market Development and Circulation Economy,Harbin University of Commerce,Harbin 150028,China;2.School of Economic Management,Northeast Forestry University,Harbin 150001,China);Model of Industrial Competitive Advantage Based on an Empirical Study of Green Food Industry in Heilongjiang Province[J];China Industrial Economy;2006-05
6 Liu Jie Cai Yunge Wang Mingwen;Effectiveness of Monetary Policy in Dealing with Excessive Liquidity: Japan’s Experience[J];Studies of International Finance;2008-06
7 FAN Long-zhen,WANG Hai-tao (School of Management,Fudan University,Shanghai 200433,China);Industry and District Effects on Equity Returns in China Stock Market[J];Journal of Industrial Engineering and Engineering Management;2004-01
8 Chen Xinyuan, Chen Donghua and Shi Xu;Company Management and Cash Dividends: a Study Based on the Case of the Foshan Illumination Company[J];Management World;2003-08
9 Yu Lisheng and Wang Yanyan;The Relationship between Uncertainty about Information and Post Earnings Announcement Drift-Evidence from the Experiences of China's Listed Companies[J];Management World;2006-03
10 XIONG Sheng-jun,YANG Chao-jun (School of Management, Shanghai Jiaotong University, Shanghai 200052, China);Analysis on industrial characteristics of Chinese listed companies' capital structure[J];Journal of Harbin University of Commerce(Sciences Edition);2005-05
【Secondary References】
Chinese Journal Full-text Database 2 Hits
1 Li Tao~a and Guo Jie~b(a:School of Economics,CUFE;b:School of Economics,RUC);Risk Attitude and Stock Market Investment[J];Economic Research Journal;2009-02
2 Li Tao He Xingqiang Zhou Kaiguo;A Comparative Study on Domestic and Foreign Financial Institutions[J];Journal of Financial Research;2008-02
【Secondary Citations】
Chinese Journal Full-text Database 1 Hits
1 Li Tao (Lingnan College at the Sun Yat-Sen University) Li Hong (Ministry of Labor and Social Security);Bilateral Relationship, Relationship Network, Courts, and Governments: An Empirical Study on Trust among China's Private Enterprises[J];Economic Research Journal;2004-11
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