{"title":"The impact of Chinese public expenditures on household investment in risky financial assets: Evidence from a national survey","authors":"Qianhui Ma, Yeung Ying, Rui Yao","doi":"10.1111/joca.12569","DOIUrl":null,"url":null,"abstract":"<p>Using data from the 2012, 2013, 2015, 2017, 2018, and 2021 Chinese General Social Survey (CGSS), this paper investigates the effect of public expenditures on household investment in risky financial assets. Our findings show that a higher level of public expenditures significantly increases household investment in stocks and other risky financial assets and that the respondent's overconfidence in their financial well-being partially mediates such an effect. We further provide evidence that the influence of public expenditures on household investment behavior in risky financial assets is robust after considering various sample heterogeneities by disaggregating public expenditures and risky financial assets into different subcategories and dividing households into different age and socioeconomic groups.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2024-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Consumer Affairs","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/joca.12569","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
Using data from the 2012, 2013, 2015, 2017, 2018, and 2021 Chinese General Social Survey (CGSS), this paper investigates the effect of public expenditures on household investment in risky financial assets. Our findings show that a higher level of public expenditures significantly increases household investment in stocks and other risky financial assets and that the respondent's overconfidence in their financial well-being partially mediates such an effect. We further provide evidence that the influence of public expenditures on household investment behavior in risky financial assets is robust after considering various sample heterogeneities by disaggregating public expenditures and risky financial assets into different subcategories and dividing households into different age and socioeconomic groups.
期刊介绍：
The ISI impact score of Journal of Consumer Affairs now places it among the leading business journals and one of the top handful of marketing- related publications. The immediacy index score, showing how swiftly the published studies are cited or applied in other publications, places JCA seventh of those same 77 journals. More importantly, in these difficult economic times, JCA is the leading journal whose focus for over four decades has been on the interests of consumers in the marketplace. With the journal"s origins in the consumer movement and consumer protection concerns, the focus for papers in terms of both research questions and implications must involve the consumer"s interest and topics must be addressed from the consumers point of view.
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