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.

引用

页数：26

共 50 条

[21] Mimicking behaviour in bulk and block trading of institutional investors in the stock market
Ganesh, R.
Naresh, G.
Thiyagarajan, S.
BENCHMARKING-AN INTERNATIONAL JOURNAL, 2018, 25 (07) : 2414 - 2426
[22] Anchoring effect on foreign institutional investors' momentum trading behavior: Evidence from the Taiwan stock market
Liao, Li-Chuan
Chou, Ray Yeutien
Chiu, Banghan
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2013, 26 : 72 - 91
[23] Short-term trading by individual investors in the Korean stock market
Chung, Chune Young
Wang, Kainan
JOURNAL OF THE ASIA PACIFIC ECONOMY, 2016, 21 (04) : 599 - 611
[24] Factors Influencing Retail Investors' Trading Behaviour in the Thai Stock Market
Paisarn, Wilaiporn
Chancharat, Nongnit
Chancharat, Surachai
AUSTRALASIAN ACCOUNTING BUSINESS AND FINANCE JOURNAL, 2021, 15 (02) : 26 - 37
[25] Sign matters: Stock-movement-based trading decisions of individual investors *
Cao, Ji
Muhl, Stefan
Rieger, Marc Oliver
Chen, Hung-Ling
JOURNAL OF BANKING & FINANCE, 2023, 148
[26] DYNAMICS OF OVERCONFIDENCE AMONG STOCK MARKET INVESTORS IN PAKISTAN
Rasheed, Muhammad Haroon
Gul, Faid
Akhtar, Muhammad Waqar
Tariq, Sanaullah
INTERNATIONAL TRANSACTION JOURNAL OF ENGINEERING MANAGEMENT & APPLIED SCIENCES & TECHNOLOGIES, 2020, 11 (04):
[27] On the analysis of irregular stock market trading behavior
Information Services and Electronic Markets, Universität Karlsruhe , Germany
Stud. Classif., Data Anal., Knowl. Organ., (355-362):
[28] On the analysis of irregular stock market trading behavior
Franke, Markus
Hoser, Bettina
Schroeder, Jan
DATA ANALYSIS, MACHINE LEARNING AND APPLICATIONS, 2008, : 355 - 362
[29] Macedonian Small Investors' Behavior Towards Stock Market
Angelovska, Julijana
ZAGREB INTERNATIONAL REVIEW OF ECONOMICS & BUSINESS, 2015, 18 (01): : 51 - 60
[30] Determinants of Private Investors' Behavior on Russian Stock Market
Abramov, Alexander E.
Radygin, Alexander D.
Chernova, Maria, I
EKONOMICHESKAYA POLITIKA, 2020, 15 (03): : 8 - 43

← 1 2 3 4 5 →