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

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-05-10 DOI:10.1016/j.jcorpfin.2024.102590

Yiqing Lü , Bin Zhao , Ning Zhu

引用次数: 0

Abstract

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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揭示投资者的替代行为：应对房地产市场动态的股票交易决策

利用对上海当地房价的正向准随机冲击，我们发现，从房地产市场中获得显著回报的股票投资者交易不太活跃，承担的风险较小，花费的交易精力也较少。我们在全国样本中证实了房价变化对投资者交易行为的影响。我们的研究结果表明，房地产市场和股票市场之间存在替代效应，并强调了根据其他资产市场的跨期变化来理解投资者交易行为的重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.