Why Was There More Household Stock Market Participation During the COVID-19 Pandemic?

被引：0

作者：

Zheng, Wenyuan ^{[1
]}

Li, Bingqing ^{[1
]}

Huang, Zhiyong ^{[1
]}

Chen, Lu ^{[1
]}

机构：

[1] Southwestern Univ Finance & Econ, Chengdu, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2022年 / 46卷

基金：

中国国家自然科学基金;

关键词：

COVID-19; pandemic; Household equity value; Two-sided skewness; Inverse S-shaped probability distortion function; Portfolio choice problem;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Although the nation was experiencing an economic downturn due to the COVID-19 pandemic outbreak, we nonetheless observed an increase in household equity share value relative to both domestic market capitalization and retail investors' trading volume. In this paper, we aim to interpret the reasons underlying this seemingly unexpected phenomenon. We investigate portfolio choices with stocks, bonds, and life annuities under an inverse S-shaped probability distortion function. The results indicate that people invest more heavily in risky assets and buy more annuities when reducing their savings in risk-free accounts, which is indeed consistent with the reality.

引用

页数：9

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