Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics

被引：0
|
作者：
Lu, Yiqing [1 ]
Zhao, Bin [2 ]
Zhu, Ning [3 ]
机构：
[1] NYU Shanghai, 567 West Yangsi Rd, Shanghai 200124, Peoples R China
[2] Thammasat Univ, Thammasat Business Sch, 2 Prachan Rd, Bangkok 10200, Thailand
[3] Shanghai Adv Inst Finance, 211 West Huaihai Rd, Shanghai 200030, Peoples R China
来源：
JOURNAL OF CORPORATE FINANCE | 2024年 / 86卷
关键词：
Housing price changes; Stock trading; Individual investors; Substitution effect; REFERENCE-DEPENDENT PREFERENCES; OPTIMAL PORTFOLIO CHOICE; CONSUMPTION; PRICES; OVERCONFIDENCE;
D O I：
10.1016/j.jcorpfin.2024.102590
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Utilizing positive quasi-random shocks to local housing prices in Shanghai, we show that stock investors who experienced significant returns from the real estate market traded less actively, took less risk, and spent less effort trading. We confirm the effect of housing price changes on investors' trading behavior in a national sample. Our findings suggest a substitution effect between the real estate and stock market and highlight the importance of understanding investors' trading behavior in light of intertemporal variations in other asset market.
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页数：26
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