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《Journal of Financial Research》 2010-01
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On the Portfolio Choice of Chinese Households:Health and Risk Preference

LEI Xiaoyan ZHOU Yuegang  
Using newly released China Health and Retirement Longitudinal Study(CHARLS),this paper explores determining factors of portfolio choices among Chinese households.We find that differential effects of demographics and socio-economic characteristics on different types of assets including housing assets,productive assets,financial assets and risky assets.Particularly,health status plays an important role in the portfolio choice of urban residents.Recognizing one's bad health may cause people to invest more in safer assets(e.g. productive assets and housing assets)and less in risky assets.These results may help understanding individual investment behavior and have some implications for the development of our financial market.
【CateGory Index】: F832.48
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