本期主題: Political Uncertainty and Household Stock Market Participation

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.

報告人：任泓霖

時間：12月22日（周二） 13：00

地點：明德主樓515教室

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報告人簡介：

      任泓霖于2019年獲得佐治亞州立大學金融學博士，2012年獲得雪城大學金融學碩士學位，2011年獲得復旦工商管理本科學位。任泓霖在2019年10月至2020年9月期間工作于美國基石研究經濟咨詢公司（Cornerstone Research）。 在佐治亞州立大學就讀博士期間，執教本科核心課程《公司財務》并獲博士教師卓越獎。任泓霖的研究領域聚焦于金融市場參與者包括機構投資者和居民投資者。她的研究成果發表于Journal of Financial Economics和Journal of Futures Markets期刊。