Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/311689 
Year of Publication: 
2025
Series/Report no.: 
ISER Discussion Paper No. 1274
Publisher: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Abstract: 
This study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market participation, it depresses the proportion of liquid assets invested in risky assets among households who participate in the stock market. This effect persists for up to eight years after the pandemic and is particularly pronounced among households characterized by higher risk aversion and greater income volatility. Analysis conducted using different datasets consistently suggests that the pandemic primarily influences portfolio choices through a shift in risk attitudes.
Subjects: 
Pandemic
Portfolio Choice
Rational Inattention
Risky Share
Risk Attitude
JEL: 
D10
G11
I10
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.