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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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10 Li Tao Zhou Kaiguo;Neighborhood Effect, Income Satisfaction and Lottery Participation[J];Journal of Financial Research;2006-09
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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
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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
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【Secondary References】
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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
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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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