喻园管理论坛2021年第109期(总第766期)

演讲主题:【东湖论坛管理学院分论坛】Home equity and stock market participation: a RD design

主 讲 人: 张   淼，荷兰蒂尔堡大学金融系博士研究生

主 持 人: 李安泰，财务金融系讲师

活动时间: 2021年12月27日（周一） 16:00-17:30

活动地点: 腾讯会议，会议ID: 720 548 434

主讲人简介：

Miao is a PhD candidate in finance from Tilburg University, and currently focused on empirical asset pricing, household finance, and financial mathematics. He has several publications on the international journals, including Insurance: Mathematics and Economics, Economic Modelling, Operations Research Letters, Journal of Industrial and Management Optimization.

活动简介：

This paper provides new evidence for the impact of home equity onhouseholdparticipation in the stock market. Exploiting policy changes on home purchase inChina, I employ a regression discontinuity design to identify the causal effect. Myresults suggest that households with a greater property value are more likely toinvest in stocks. Numerically, with 10 percent increase in housing prices, 2.3 percentmore of households would participate in the equity market.