Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/256958 
Year of Publication: 
2019
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 7 [Issue:] 1 [Article No.:] 26 [Publisher:] MDPI [Place:] Basel [Year:] 2019 [Pages:] 1-11
Publisher: 
MDPI, Basel
Abstract: 
The extant literature regarding the effects of housing on stock investment shows inconsistent findings, either positive or negative effects have been reported. This paper investigates the mechanisms by which housing affects household stock investment through a structure equation model (SEM). Applying the data from the China Household Finance Survey (CHFS), we confirm and quantify the magnitudes of contemporaneous "wealth effects" and "crowd-out effects" of housing on household equity investment. Overall, the combined effect of housing on stock investment is positive in the context of urban China.
Subjects: 
housing
stock investment
structural equation model
urban China
JEL: 
D91
E21
G11
R20
R22
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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