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中国社会科学院 孙三百: Homeownership and Investment in Risky Financial Assets

([西财新闻] 发布于 :2018-07-04 )

光华讲坛——社会名流与企业家论坛第5047

 

主题Homeownership and Investment in Risky Financial Assets

主讲人中国社会科学院 孙三百

主持人金融学院  蔡栋梁博士

时间201874上午10:00-11:30

地点西南财经大学柳林校区格致楼411会议室

主办单位:金融学院  科研处

 

主讲人简介:

孙三百,中国社会科学院经济研究所副研究员、北京师范大学理论经济学博士后。2014年毕业于对外经济贸易大学,获2017年中国经济学优秀博士论文奖。目前主要从事城市经济、劳动经济、收入分配等领域的相关研究,在《经济研究》、《世界经济》等刊物发表论文10余篇,主持国家自然科学基金青年项目、博士后特别资助项目等6项。

内容简介:

Standard theory predicts that homeownership has both substitution effect and diversification effect on a household’s investment in risky financial assets. The findings from previous empirical studies are inconclusive regarding the net effect. Using data from recent surveys in urban China, this paper investigates whether homeownership crowds out investments in risky financial assets. The IV estimates strongly suggest that owing a home not only decreases a household’s probability of participating in the financial market, but also reduces its total amount of risky assets and the share in total household wealth. The results are robust across various specifications of the empirical models with different definitions for homeownership.

 


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