会计系学术讲座系列2020年第8讲

主 题：Political Uncertainty and Household Stock Market Participation

主讲人: 任泓霖

协调人: 张敏 张博 王玉涛

时 间：2020-12-02 10:00

地 点：明商1008会议室

语 言：英文

讲座摘要:

Using micro-level panel data and a difference-in-differences identification strategy, we study the effect of political uncertainty on household stock market participation. We find that households significantly reduce their participation and reallocate funds to safer assets during periods of increased political uncertainty. The decline in participation is related to households’ response to elevated asset risk and their incentive to hedge increased labor income risk. In situations where uncertainty remains high after elections, pre-election reduction in participation is only partially reversed, reflecting a prolonged distortion in household stock investments, which can have implications for households, firms, and the economy in general.

主讲人简介:

Dr. Honglin Ren graduated from Georgia State University with a PhD degree in finance in 2019. She worked at Cornerstone Research as an associate from 2019 to 2020. Dr. Ren has given lectures at Georgia State University and won awards in teaching and research. Dr. Ren’s research interests are broadly on capital markets, institutional investors, household finance, and corporate finance. Her work has been published in Journal of Financial Economics and Journal of Futures Markets.